1.) It seems to be much harder to discover papers, in particular abstracts, than on, say, arxiv.org or even Google Scholar.
2.) They seem to encourage the posting of papers to their site. Publishers usually at least accept researchers posting papers to their own homepages and to the ArXiv, as it is obvious that this is non-commercial and solely to further the spread of scienctific knowledge. But Academia.edu seem to be a commercial venture, so it is quite possibly that publishers will not accept having papers posted there.
3.) It seems it takes a lot of Javascript to even display a paper, and then they only appear as images, without any download option.