Attributes vs Elements

What are the advantages of writing XML using attributes vs elements?

It seems that there may be a performance increase using attributes because
the size of the file is smaller, but what are the other considerations?

For example, I could create an XML file putting all data into elements as
follows (approx 65 bytes):

<person>
 	<name>Krister</name>
	<company>SomeCompany</company>
<person>

or I could put the data into attributes (46 bytes, approx 25% smaller):

<person name="Krister" company="someCompany"/>

All insights appreciated.


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