I've used dgVoodoo2 , but you need atleast a DirectX 11 video card (I think its 11). cause it upconverts to it. (all other wrappers seem to upconvert yo 9).
Anyhow It suppose to take care of DirectX and Glide modes both, but I can only get the Glide mode side of it to work.
It comes with instense readmes so maybe a Win7 user can get both sides to work properly.
As for advantage, I haven't tested it out fully so I'm un sure. but it works nicely. (like if More of the video control panel settings work or not)
I wrote a bit about it on my site. under Troubleshoot Help Document.
https://eaw.neocities.org/troubleshoot.html#wrap