You're right...we really aren't answering the question. My thing is when I see L3 switch I don't think 3550 or 3560. I think 6500/4500.
As for advantages, I guess I have to give the typical Cisco answer of...it depends on what you are trying to do in order to see advantages one way or another. A router does give you some additional interfaces you can use for connectivity over 35x0 or a 4500 switch. The 6500 has a flexwan module that you can put what I guess I'd call more traditional router interfaces into. The flexwan will take the cards from a 7200 series router and will just be additional interfaces in the 6500.
With a router on a stick type of environment, you do have some limitations if you are using it to route between vlans. For instance, and to keep it simple, say you have a 2800 router connected to a 3550 switch and the router is trunked to the switch handling your inter-vlan routing. If you should happen to send a large image from one vlan to another, it has to cross the 100mbps uplink to the router and back down to get from point a to point b. This potentially could fill the link, and basically prevent other traffic from getting passed across the interface. A layer 3 switch would handle this in it's backplane.
I have not personally done a lot of routing with a 35x0 series. 6500..different story, so I can't really speak to how well the smaller switches perform with routing, but I can't imagine they add any delay. One thing I do know is that the 6500 with a flexwan module will not do traffic shaping. This is where my QoS remark comes in. Cisco explained to me that basically the 6500 is a switch first, router second. It will do policing, (which is more of a switching thing I think), than shaping.