FPGAs allow for reconfigurable circuitry, easier entry with lower costs, and are well-suited for applications that may require frequent design upgrades. However, FPGAs are less energy efficient, have lower maximum operating frequencies, and do not support analog designs compared to ASICs. While FPGAs are useful for prototyping, ASICs are better suited for high-volume mass production since their circuitry is permanently optimized for a specific application.