Benefits:
- you can store huge amounts of energy in relatively cheap tanks
- because the + and - storage are physically separate, self discharge can be very low
- those two make it appealing for long term storage
Downsides:
- reagents end up being some combination of expensive (vanadium), poisonous, corrosive, etc. resulting in safety overhead
- requires specialized plumbing. This is very expensive. Ultimately this is the issue with nuclear as well, every joint requires careful inspection
- does not scale down nicely to house sizes
- ultimately likely to get economically lapped by incremental improvements to lithium or sodium battery chemistry
- the charge/discharge cell requires a liquid/liquid membrane separator which can exchange charge; these tend to have lifetime issues.
A huge redox-flow battery is currently under construction in Switzerland https://www.swissinfo.ch/eng/climate-solutions/switzerland-b...
The 'Just Have a Think' channel did a video on the Swiss battery here - https://www.youtube.com/watch?v=CPAFeTvjVzY
1.2GWh in a few milliseconds? I'm pressing (X) to doubt.
They tend to be large utility scale things that look like a chemical plant, correction, are a chemical plant with electrical storage as the product.
Liquid electrolyte batteries have been a thing from when batteries have been invented. But not much work has been done to really scale it up.