Frames allow dividing a web page into separate sections or windows. Some key advantages are keeping one section static while changing others and loading multiple pages in the same browser without reloading the entire page. However, frames make printing content across frames difficult and do not allow bookmarking individual frame pages. The <frameset> tag is used to define the layout of frames on a page through attributes like rows and cols. The <frame> tag embeds pages within the layout. An example uses <frameset> to create sections for a header, navigation bar, content, and footer across frames.