By literal translation I don't mean word by word, but translation that essentially follows the most obvious path, with most elements of the text except those that would sound too unnatural or stiff. You would say dream about not "dream with" to translate "soƱar con..."
1. It is easy to follow in a bilingual face-to-face edition, where the verso is the original and the recto of the next is the translation. Easy for both the monolingual reader and the reader with some knowledge of the source language.
2. It is non-objectionable. It is hard to formulate objections to it, because it seem like the most correct and natural version possible.
3. It usually avoids amplification, or introducing more words that the original had. It won't be padded or over explanatory.
4. It will often convey literary qualities of the original text because it won't rewrite in a way that eliminates the tropes.
Disadvantages:
It won't be particular meta, calling attention to itself as a translation. (But this could be an advantage.)
It may not be musical or have a satisfactory prosody. (But the literary and free version might also not have a satisfactory prosody.).