I know of the obvious disadvantages (when you die, you're dead), but what are some reasons to create a hardcore character in Diablo 3 besides the increased challenge?
Diablo III – Advantages of Hardcore Mode
diablo-3
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Best Answer
The whole point is the increased challenge. And along with that, the associated bragging rights that come with various Hardcore Mode achievements. Hardcore Mode also provides a variety of ways to show off how hardcore you are, such as new banner sigils, a separate ranking ladder, and the name of your hardcore character appears in red, so everyone can see how badass you are.
It's an alternate style of play that was extremely popular in earlier Diablo games. It encourages a very different, much more conservative, playstyle, and by having 'skin in the game' so to speak, the sense of risk, and thus, the (emotional) rewards of victory are substantially heightened.