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Advantages:

• Mature technology
• Compatible with a large number of applications
• Easy to carry
• Strong second factor

Disadvantages:

• Easily lost and/or forgotten
• Medium/high time and effort to deploy and maintain
• Comparatively medium/high cost of ownership / deployment though purchase costs are declining. 

Who Is Using It (this is just a sample list):

• Georgetown University
• University of Michigan MToken
• University of Michigan MToken (article)

Advantages:

• Comparatively lower cost of ownership / deployment
• Compatible with a large number of applications
• Easier to deploy than a hardware token
• Strong second factor but not as strong as hardware token

Disadvantages:

• Some argue that a software token can be copied so they're not a true version of "something you have"
• Can be time consuming to maintain
• Software tokens stored on-devices are less secure than software tokens stored off-devices (e.g., hard tokens)

Who Is Using It (this is just a sample list):

• Harvard University at Buffalo

Advantages:

• Easy to carry
• Can be tied to physical security strategy (ID Badge)
• Strong second factor with use of PIN
• Use of encryption, therefore the information is more secure.

Disadvantages:

• Cards can be lost or stolen
• Comparatively medium / high cost of ownership / deployment
• Smartcards need card readers

Who Is Using It (this is just a sample list):

• University of Central FloridaEDUCAUSE Smart Card Resources