Use black card quite a bit these days, when stack long exposure (ND 6-10 stops) with GND, the IQ does deteriorate (experience base on m43 sensor & Ricoh GXR sensor, haven't tried Pentax or other systems), but black card doesn't deteriorate IQ. Also, some GND (tianya, Cokin, & Hitech even gave cast when stacked with ND), Lee should be better but I haven't tried. The correct method is mentioned by pinholecam. Though, I do it slightly differently to achieve certain effect like moving clouds.
e.g.
if suppose to expose foreground 50s, sky 5 secs. I black card (cover brightest part+shake) every 10secs and then 1 sec expose fully, then continue till bulb time ends. If based on usual methods of 50 + 5, it will be difficult to get the moving clouds. There's much trial and error as well, though it may sound simple.
Here's one with Ricoh GXR+voigtlander 12mm/5.6, square cropped as there's some light leak on the left (some internal sensor issue)
Disadvantage? If you look at the orange tallest building, it's slighty darker on the top. Could have dodged on PP, but i'm lazy:bsmilie:
But also your hand can get tired. haha
Advantage: Single shot, minimal PP.
Hope that helps explain a little. I learn alot from scintillation earlier shots, he seldom use it these days I think.