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ASP is server side scripting and would help you to generate dynamic pages. Any ASP page generated is processed at the server side and sent back to the client.
ASP wont go away so soon, but wont be as prominent as JSP or PHP which are cross platform. But for those who just like Microsoft Windows and have Windows OS based servers would like 2 go for ASP!
Has a number of objects that would either "Request" from the client or "Repsond" back to the client.
Has various components like ActiveX, Ad-Rotator, FileScripting Object that add value to ASP.
Bugs..umm....there might be some...but I haven't found a lot about them....
But what has picked up in the recent years..is ASP.Net (and other .Net based appln)...
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