The waterfall model is a sequential design process for software engineering projects consisting of conception, initiation, analysis, design, construction, testing, production, and maintenance phases. It works best when requirements are stable, the project is small, the environment is stable, and trained resources are available. Key advantages include adapting team shifts, forcing structured organizations, and allowing for early design changes, while disadvantages are nonadaptive design constraints, ignoring mid-process feedback, and delayed testing.