Wishbone a good formation?

I am new to option football and have a question. I see alot of coaches are running the option from either the I or double slot formation. What is the positives and negatives of using the wishbone? I know your passing attack is not as strong, but the option is deadly if run correctly. And play action from the option looks can be very difficult to cover. All of the coaches on this site have forgotten more about the option than I know, and I was wondering if you could answer my questions. Thanks.