Benefits of using the conditional ?: (ternary) operator

Question

What are the benefits and drawbacks of the ?: operator as opposed to the standard if-else statement. The obvious ones being:

Conditional ?: Operator

Answer 1

The ternary operator can be included within an rvalue, whereas an if-then-else cannot; on the other hand, an if-then-else can execute loops and other statements, whereas the ternary operator can only execute (possibly void) rvalues.

On a related note, the && and || operators allow some execution patterns which are harder to implement with if-then-else. For example, if one has several functions to call and wishes to execute a piece of code if any of them fail, it can be done nicely using the && operator. Doing it without that operator will either require redundant code, a goto, or an extra flag variable.