Welcome!
Wookets said:
What factors (both tangible and not) effect the success of team play?
The most important factor, and I think everyone will agree, is absolute trust in your team. You're going to be exchanging hundreds/thousands/millions in cash with these people, so 100% trust is absolutely necessary - not even 99% trust will suffice.
The most successful teams have been built around pre-existing common bonds that people have - family, attending the same college, childhood friendship, etc. That's where they get their trust from, not because of some interview or passing a test, but because they already trusted each other before they were part of a team.
Wookets said:
What are the advantages and disadvantages of participating in team play?
My opinion:
The biggest advantage of team play is that you can earn more money. EV's are huge compared to what you can earn alone. Team members are also less likely to be detected individually, although if you're not careful, the whole team can be detected as a group and banned en masse.
The biggest disadvantage is that you're relying on other people. It's human nature to blame the other person if he signals you in, you bet five rounds, and don't see a single face card. If every single team member doesn't trust every other member 100%, these suspicions are going to come up. Once allegations of cheating or stealing come up, that's generally the end of the team.