Another vote for square taper
All external bearing systems have advantages in principle, the bearings are nearer the ends of the axles so less flex is applied before reaching the bearing, also bearings can also be much bigger
Splines are a great idea too, you can hold a crank arm on with less torque on the bolts, there is greater mechanical contact area, the arm can be lighter etc etc...
The disadvantages are HUGE! Those already mentioned by everyone else are all bang on
But it doesn't necessarily mean they suck on a bike built for them and craftsman assembled
But - Additionally:
If you try and retrofit one to an old frame you need to know that the external surfaces of your BB shell are flat and completely parallel to one another all the way around
If this is not the case, any degree of misalignment will cause the bearings to eat themselves in short order - However much you spent on them
Square taper is the answer! I much prefer sealed, cartridge square taper to the alternatives