It is a Continued Without a Finding; which is a type of a criminal disposition that generally needs to occur before trial. It is called an Admission to Sufficient Facts. There can be conditions and a probation term. What happens in Admission to Sufficient Facts is that if the person admitted to the facts that are in the police report it would be under oath and in front of a judge. But if the person stays out of trouble, meaning not getting rearrested or charged with a new crime for the period of time in which the continuing without a finding is open for, then at the end of that period of time the case would show up as Dismissed.
So, the advantage is that it if somebody asked you “have you ever been convicted of a crime or have a guilty plea” the answer is no. However, it is not nearly as good as a Dismissal or Not Guilty because a CWOF shows up on your record for people who actually view your record as an admission that is then dismissed later.
In addition, it can be considered for certain offenses as a first offense (such as an OUI) even if you have a continuation without a finding. It can also be considered a second offense if you get another offense during your lifetime. Further, if you get into a difficulty and either do not comply with the conditions or get charged with a new crime, you can be found in violation of probation. Then, the continuation without a finding can turn into a guilty plea and you can have a sentence as well.