We've been using glues in the ED & OR for many years - studies have shown that small wounds, in areas of low tension tend to heal w/ cosmesis pretty much equal to that of sutures, with similar rates of dehiscence & infection. Once you cross into larger wounds, or wounds in areas of tensions (across joints, hands/feet, etc...) that the glues do worse, and have a higher incidence of dehiscence.
A good portion of the data was from kids (who tend to heal pretty well regardless), and from the OR (wounds created in a "sterile" environment, and the glue was typically used on tension free skin edges - deep sutures had already been placed).
ER docs tend to like it because its quick, requires less equipment, and doesn't require the use of local anesthetic (which for most people is worse than getting the cut in the first place, and is especially difficult with children). Small scalp/face/etc... lacerations can be repaired in a matter of minutes.
How does this apply to the real world - the crossover is limited by the lack of training/experience of the operator (joe average), the lack of proper supplies in most people's FAKs, and the limited ability to properly assess a wound once it has been closed. If this doesn't apply to you, then you are not the "average" joe.
There is risk of thermal injury from the curing of the glues (they are all exothermic as the cure - they produce heat - sometimes this causes pain, sometimes it actually damages tissue & retards healing). The metabolites can also be toxic to tissue (as the glue breaks down), and we try to use as little as possible to prevent any issues.
Some Emergency medicine studies have suggested using Dermabond in tandem with porous tape - you apply strips of the tape like you would a steristrip, then paint the wound (which is now approximated with the tape strips) with the dermabond, covering the tape strips as well. The glue secures the tape, and adheres the exposed skin between the tape strips.
The scars from glued wounds are typically not better than sutures, but they are (when used on appropriate wounds) usually comparable. We still use sutures for any delicate work as they are more precise in aligning tissues.
The biggest concern w/ glues is trapping infection, because you make a watertight seal with them - while this sounds like a good idea (keeps stuff out of the wound), the risk is trapping foreign matter in the wound, which can lead to infection. Infections in areas such as the hands & face can lead to real problems - loss of function, and possibly limb. Infections can be mild, like a simple cellulitis, or life-threatening, as in a case of necrotizing fasciitis. I've seen & treated both - if the necrotizing fasciitis had occured away from civilization, the patient would have died (he almost did anyway, even w/ multiple surgeries, an ICU, and more antibiotics than most people will ever see in a lifetime.
Most people will never have a problem using glue on their cuts - most of which probably wouldn't need sutures or glues if brought into the ED. But, there is always the potential for a real bad outcome. You always have to have a low threshold for opening the wound - which is a lot easier if you don't use a glue. Out in the woods, If I were going to try to close a wound, I'd use steri-strips w/ a little benzoin - after washing the wound copiously. I'd even consider staples. I wouldn't glue anything that would actually need stitches. A little paper cut or slice that doesn't penetrate the dermis - maybe.