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Can anyone tell me any advantages/disadvantages of either?
Thanks and have a nice day. : )   

I went up to Gruhn Guitars and played and listened to an awful lot of
archtops before I built my first and only two had a round soundhole. A
Howard Roberts and I forget the other. Maybe a Lacy or Welker. They were
some louder but didn't seem to have any warmth to it. The rest of the ones I
played were acoustic archtops and whether it was the bracing or carving, the
location and larger size of the F holes seemed to make for much better
projection. Other than that I think F holes are just traditional on archtops.   

Thanks for the replies. My friend has those tapes that you showed Hesh. Ill
have to watch them this weekend.

A round hole archtop will sound less like the 'traditional' archtop, and more like a flat top.