Who should take it Those looking exclusively for MBA and some economics programs. Those looking for Masters and PHD. Although, over the years more business schools have also started accepting the GRE scores.
Advantages Shows business schools that you are serious about getting an MBA. Perfect if you are applying to both MBA and graduate school programs. The GRE is slightly the easier test both in structure and content.
Salient features

Investment banks and recruiters will review your GMAT scores for employment. They generally don't view GRE scores seriously.

Business schools like the GMAT more (but they don't openly state this).

The GMAT is the "gold standard."

Generally easier for most students than the GMAT.

The GRE has an easier grading curve. Getting into the 99th percentile on the GMAT is close to impossible.

Gives you more options for those who are unsure of their future plans.

Difficult sections

Sentence Correction (grammar)

Difficult math section where many students get close to perfect scores.

Hard for students who don’t have a good grip on English

Two writing sections mean a greater emphasis on writing.