Just wanted to do a post on this topic as while I love binge watching, there are some advantages and disadvantages to viewing things in this manner.
Pro: You get to see a story in a relatively short amount of time and if a series is complete there are no nasty cliffhangers to get annoyed by due to a long hiatus.
Con: While watching at your own pace can be great, if you are you may end up reading or seeing things about story you don't want to know.
Pro: Watching in a bubble means that you have your own opinions of a show, and others can't sway you with their opinion.
Con: When watching there is no way you can share the joy or the "sorrow" of whatever material you've seen.
Pro: You finally understand references to programs that went over your head in the past.
Con: The blurring effect that can occur when you watch many episodes in a row. (I don't know if this happens to others, but when I watch a lot of a show, the episodes merge into one entity instead of in individual bits.)
Pro: Discovering performers, writers or directors you never would have if you didn't binge as when the show was originally on you didn't have the time to watch it.
Con: If you started watching something in binge style and then "catch up", sometimes it can be frustrating.
Pro: Being able to see people you like in other projects before you discovered them in their current work or being able to check in with actors you lost track of during their career.
Con: If I binge, I tend not to learn as much about the actors behind the characters. Actually this can be a positive or a negative depending on the situation.
So that's my short list of the pros and cons of binge watching. I bet I've missed a few, but these are just the ones that I've experienced as a viewer.