Individual switches have a lot going for them by being replaceable. If the membrane on a IBM Model M is broken (from a spillage, spark or other), then you will have to get an entirely new keyboard. If a Cherry MX switch is broken, then you can replace it (or parts of it) from the numeric key pad.
What I think is the worst thing with Cherry switches is that the bumps on the sliders are slowly ground down with use and the tactile feel diminishes. From what I have read so far, I get the feeling that the more tactile the switch, the faster this happens.