What are the advantages and disadvantages for males of having an elaborate courtship ritual and colouration compared with fighting over females

The merits include;
It's easy for a female to choose desired traits based on coloration and mastery of ritual in place of invoking a fight.

It gives the female more options to choose from as there are fewer deaths occasioned by fighting of males

Disadvantage
It isn't necessary true that a male with ritual ceremony mastery is the best among the pack.