Is there an advantage to creating a Multisig contract over using the Parity multisig wallet feature? Are they the same thing?

I have done some looking and have found that many token sale companies use a multisig contract in order to collect their funds from an ICO (BAT, specifically). In reading the code, it appears to be very similar to the code of a Parity generated multisig wallet (even include Gav Wood as the author). Is there any downside to using a Parity generated multisig? Can Parity generated multisig wallets deal with ERC20 tokens?