Castling has one major disadvantage: your "permanent home address" is known to your opponent from that point on . . . . The best chess players I know don't castle as often as some of the average players do. The best chess players I know are really good at tactics and very solid in the endgame. If tactical advantage; or positional advantage from tactics is available or a queen trade or classic queen + rook 14-point trade can be pretty much forced early -- these are the specific situations I've noticed when that type of players doesn't castle at all; or at least don't castle by move #7 or even by move #12.
Emanuel Lasker's recommended opening goals are still valid over a century later: a. While playing to control and contest control of the center accomplish the following 7 goals between move #7 and, say move #12: b. Move both center pawns (usually move at least one to the fourth rank) c. Develop all four minor pieces (both knights and both bishops), that is, get them off the back rank so that if you castle, your rooks can soon be connected. d. Castle.
But as far as castling goes any trade or better yet any multiple-trade producing an endgame or material or positional edge in situations where the King is safer or just as safe in or near the center as he would be after castling on either side is always looked over carefully because better players like to win and simpler positions in the endgame for them are not necessarily so simple for most opponents. If the central pawns are "deadlocked" delayed-castling or avoidance of castling is also more likely. Delaying Castling can also give you an edge in the typical PAWN race that occurs when both players castle on different sides. -- 1-5 moves of unanswered pawn advances on his Kingside by you while your opponent wonders if your King will remain in the center, can be a huge attacking advantage.
Bobby Fischer's little primer Bobby Fischer Teaches Chess is actually a treatise on connecting rooks early. It's remarkable how often the winning combinations he shows are backrank or other tactical shots based upon the opponent being behind in development and having his rooks unconnected. Morphy-like Fischer seems to never get behind in development except when important material gain can be achieved and then endured. But in virtually every position in that little book of his, Fischer's side is castled with connected rooks.
Castle only when it's your best move. If you can win tempi or other advantage by delaying, do that 1st. After an early queen exchange, the king is often (not always) better in the center.
Exactly. I've won games against lower-rated opponents by launching an assault against their king without ever getting the time (or the need) to castle myself.