How is arbitration preferable to litigation, and what are criticisms of arbitration as compared to litigation?

Arbitration is preferable to litigation for the following reasons:
(1) It is usually more efficient and less expensive.
(2) Parties have more control over the process of dispute resolution through arbitration.
(3) The parties can choose someone to serve as the arbitrator who has expertise in the specific subject matter.
(4) The arbitrator has greater flexibility in decision making than a judge has.
Criticisms are as follows:
(1) Arbitration panels are being used more frequently resulting in scheduling problems and increased expense.
(2) Because appealing an arbitration award is so difficult, injustice may occur.
(3) By giving up the right to litigate, parties may be losing important civil rights or giving up important remedies without really understanding what is being given up.
(4) As it becomes more popular, it will become more like litigation; and efficiency will start to erode.
(5) Because of the privacy involved, companies are able to hide their disputes.