Just to play the devils advocate...
"-It would have less weight up on the tower so you can use lighter construction."
I expect the gearbox and the shaft would outweigh the alternator. Plus, as was pointed out, the tower would need to be very rigid and the shaft supported very well by lots of bearings. We'd also have losses in the gearbox and all the extra bearings.
"-Easier to raise."
Not if what said above is true...
"-You can make the alternator any size,weight or shape since it is on the ground."
weight may be a small issue, but size and shape isn't really. We dont build the alternators a certain size or shape because they're on a tower - we build them a certain size/shape and weight so they can do the job of converting the mechanical power from the blades to electrical power. They'd be the same, on the ground - or on the tower I expect.
"-The blades could be attached to a more streamlined hub."
I think the hub would have to be similar - the way we attach the blades is not a compromise based on the alternator. The only consideration is strength at the root. So the hub would probably be the same either way. If we're worried about 'streamlined' we could build a nose cone in either case, but I'm not worried about that - I'm pretty sure that's a none issue although some disagree.
"-No problems getting the power off the top of tower or dealing with lolly shafts and brushes."
I think a wire running down (or even slip rings) is lots easier than supporting a heavy shaft - I don't think a real problem exists there.
"-Shorter distance to run the power to the battery bank(lighter cable less power loss)."
A small issue for some folks perhaps - especially when running very low voltages but again I expect gearbox/bearing losses would far outweigh a little line loss over the length of the tower.
"-Alternator can be protected from the elements."
We can do that on the tower top too - although I'm not sure that's been a problem for anyone yet. I admit though, there wouldb e some fun things about having the alternator on the ground.
"-Easy to maintain (no climbing or lowering)"
I think you're talking about lots more to maintain actually - bearings, shafts/gears. With a PMA, there is nothing to maintain other than bearings (assuming the alternator stays together which I must admit I've had some problems with lately).
"-You can install a brake or drag on the power shaft to prevent overspeed."
I dont think a brake or drag is a good way to prevent overspeed - there are better ways which we incoorporate. It would make a mechanical break for 'shut down' a bit easier though.
Forgive me - I'm always resisting change and love to play devils advocate sometimes! A bad habit sometimes. Just putting fourth some thoughts on it all. I think it would make things much heavier, less efficient, and more complicated.