I’m no genius, and i barely understand 3D printing, but i think in the next 10 or 20 years, it is going to change the world like the WWW did.
“You ain ‘t seen nothing yet!”
The main drawback is that the item is printed layer by layer. This is not suitable for all items/materials. It is VERY suitable for certain items that can't be milled/extruded/cast/forged/welded, but not for others.
Also, it is and will remain more expensive than those methods for quite a few items. This doesn't mean that it won't be useful -- it will -- but not for everything.