You can't bookmark a place in a frame set. I've been there and been very mad. I visited a university site wherein I spent a long time navigating in order to find a page with some important information. I bookmarked the page. But, this just bookmarked the frame set, not that page.
Frames can waste a lot of screen real estate in useless and extraneous scroll bars.
Frame sets load much more slowly than individual pages. Some of the best sites I've ever seen have been through phases of using frames and dumped them like a hot potato. CNN and USA Today are good examples. Every now and then they start trying to experiment with frames again. It never lasts.