Advantages and disadvantages of GUID / UUID database keys

I’ve worked on a number of database systems in the past where moving entries between databases would have been made a lot easier if all the database keys had been GUID / UUID values. I’ve considered going down this path a few times, but there’s always a bit of uncertainty, especially around performance and un-read-out-over-the-phone-able URLs.

Has anyone worked extensively with GUIDs in a database? What advantages would I get by going that way, and what are the likely pitfalls?

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