Prism scopes have fixed magnification unlike many regular scopes, so they may be less versatile depending on your intended use. But variable-power optics are also more complex, have more moving parts, and may be more prone to damage.
The magnifications (of prism scopes) tend to be 1, 2, 3, with a few options as high as 5 or 6, so they are not really intended for long range precision.
As was already mentioned, prism scopes tend to be short and stout, thus generally being more compact and--combined with the fixed power thing--quite durable.
Eye relief on prism scopes is generally shorter than traditional scopes (especially if it's anything other than 1x)
They are lighter than the popular 30mm-tube LPVOs. However, compared to traditional 1" tube scopes of similar magnification, the prisms weigh more (may come out close to equal when scope ring weight is added).
As for my own take/opinion, prism scopes seem to be best used on combat rifles (military/swat). For HD, non-magnified paralax-free red dots seem more useful. Long-range shooters would want more magnification and bigger objectives than prism scopes provide. For hunting, quality 1" tube traditional scopes offer all the durability most of us need while also offering more versatility and/or better resolution for the same amount of weight.
...I'm not into the competitive shooting world, so no idea what role prism scopes have there.