What we say depends on context. Something got me interested of this just now. So I'm giving an easy exercise: Give a short list of your good/bad sides for different purposes. Imagine that these are real. I'm trying to make these situations real.
Situation 1: You've been invited to a job interview in a job you're most expert at. The interviewer asks you to tell your good and your bad sides. You have read from the company site, that in their opinion, a good answer takes only a minute.
(you are sitting comfortably in a chair. The interview has gone normally, if a bit better than usually. U have a good mood about it. Now you have a minute (or you think, you have a minute, or some other time, to state your good and your bad qualities).
Situation 2: You are being invited to a club. The application needs an interview. This is some kind of hobby or another thing you're interested in, and you have a relatively good mood about it. The interviewer asks you your good and your bad qualites.
What do you answer?
Situation 3: You are seeking to find another career opportunity. You are seeing a career advisor. She asks you to list your good and bad qualities. You get the feeling that you want to tell all of those in about a minute.
How do you answer?
Situation 4: You're meeting some friends, and the situation gets a bit unusual, as there are more friends of friends, their friends coming in, and in a short while you don't know know almost anyone. You're all moving to a restaurant to spend the rest of the night. Situation evolves quickly. People seem confident, young, driven, and you wonder what's the meaning of all of this. People talk of some stuff you can't quite catch on. People are interested of you, though. Then, some young person pays interest in you and ask: what are your best and worst qualities?
How do you answer?
The following is provided for an easy answer format:
1: Job interview
2: Club invitation
3: Career advice
4: New situation