Advantages/disadvantages of a compressed set

I’m looking at the Chiefs Jumbo formation with two TEs. With no wide receivers it would be harder to read the defense but what would some of the other benefits or disadvantages be? I like the idea of two TEs.

I am currently running single back ace dbl wing. It features four tight ends (you have to put one at slot WR and manually sub him in) but you could also do 3 TEs and 2 running backs.   

whatever personnel you use, all four receivers are attached to the OL. so not only is everyone in tight but they’re also down in a 3 point stance.   

it’s great because you get four guys that get TE hot routes. Also, if you flip the play nobody moves.   

I like it because at this point in the year, tight ends are so good you really aren’t sacrificing much by not using WRs. And everybody on the field can block, which helps with the run game.

and FWIW the jumbo set you mentioned is really good around the goal line.

If I'm looking at the right formation the one thing I would keep in mind is the only passes out of that formation are play action. Just means you might have to take some precautions to get your throws off.

Can you audible to another formation after you come out in it? Might be helpful if you can use this to set up a big play in another formation you can audible to.

I looked at that formation in the Steelers playbook. I can only audible to the Goal Line Normal because of the personnel but I really like it. There seem to be lots of other good formations/plays in the Steeler PB too so I might give it a try. Thanks!