What are the pro/cons of polyhedral cranked wings?
While dihedral wings offer increased stability in the roll axis, they also decrease the lift that the wings provide. A polyhedral wing provides a compromise: a steep dihedral at the tip of the wing in order to maximize stability, and a shallower dihedral angle closer to the root in order to maximize lift. 


Therefore, a polyhedral wing allows the best of both worlds for a wing design. Other applications of a polyhedral wing are utilitarian; the gull wing on the Vaught F4U Corsair is designed so that the landing gear is positioned close to the ground while maintaining roll stability and aerodynamics.