Typically used by target men who receive the ball, hold it up and then lay it off to either attacking midfielders or fellow strikers, but you could experiment using it on creative midfielders to maximise their creative freedom.
Stats-wise, for a target man you'd ideally want good first touch, strength and passing. Plus maybe some creativity if you want the striker to be able to thread the ball through to a striker partner.
For creative midfielders, obviously passing/creativity, plus a dose of decisions and concentration is handy so that they don't always hold it up, or get caught trying to do it in stupid areas.
Advantages? Generally it gives more time for other players to move into positions to in turn receive the ball. Works nicely with a strong front man who can play through balls, supported by a couple of attacking midfielders - watch the striker hold it up and then thread the AMs clean through.
I did copy this.