The main downside of the analyser is that you still need a beealyser to see the different traits.
All you can see otherwise is if the species is pure or not, as well as some active traits, but not the inactives, and certainly not all.
But yeah, for people liking to automate some steps, the machine is really good, and if combined with the ComputerCraft block (bee analyser), you could even have a breeding automation, or a system that automatically extract new traits when discovered.