Advantages to multiple meeting halls:
1) Your dwarves will be more spread out in case of emergency/lever pulling/ new work to do.
2) Your dwarves won't make friends with each other as fast, and may form friend groups that don't interact much depending on how your workshops/bedrooms are laid out. This is a good thing
3) Traffic. A meeting hall with a one tile exit can be a bottleneck for traffic if everyone has to get in and out at the same time.
4) Quarantine. Deadly blood is contained to one meeting hall at a time, and worst case scenario you can brick everyone in and then take the time to flush it with magma.
Disadvantages:
1) Setting up all these meeting halls and making them all expensive and lush is pretty time-consuming.
Personally I have well meeting hall and an enormous dining room and several smaller dining rooms spread around the fort so that dwarves with extremely limited remits can live in small burrows.