The answer to the answer in a related question covers the questions pretty well. There are few, if any, real advantages to storing data in such an abnormal way. Using multiple-valued fields will cost you in the long run, and possibly in the short term.
If you are 100% sure that your application will NEVER need to process (filter, organize, group, etc.) the contents of your serialized data (a comma-separated list), then this will not affect your application. In most cases, when people make this assumption, they “burn their fingers”, because the requirements for the application change over time.
Processing multi-valued fields will require more memory and more CPU cycles due to a full scan of the table required for anything other than just reading the contents of the field. Googling for "mysql multivalued field performance issues" returns a lot of results.
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