The recessed cylinders of any S&W are/were not meant to be used with moonclips; rather, the cylinders are recessed to support a cartridge that uses "balloon-head" casings. Unsupported, such a casing could rupture upon ignition. This was really only a danger on the rim-fires and early magnum cartridges.
Magnum rounds all now use solid-head casings, so centerfire magnum S&Ws no longer have recessed cylinders (and haven't since the early 80s), though rimfires still have recessed chambers since rimfires are still based on balloon-head casings.
You won't be able to use a moonclip with a recessed cylinder unless the cylinder (and extractor star) was further machined to accept moonclips.
The main disadvantage to having a recessed cylinder is that it is harder to tell if a revolver is loaded without opening the cylinder, since it is more difficult to see the cartridges while the cylinder is closed. I can't really think of any other disadvantages.