Rate vs Like/Dislike

I'm writing a web page that will allow people to rate "objects". I was thinking of giving users the classical 5 star rating... but then I remembered the like/dislike approach and how YouTube changed from the 5 stars to the like/dislike method.

I'm going to show ratings anyhow because it is the very foundation of the site... but calculating the rating from the like/dislike approach is doable.

I'm wondering... Is there a reason for me wanting to go one or the other? What are the advantages and disadvantages of each?