Feature flags are potent tools for managing software changes, but they come with potential pitfalls that can lead to significant issues like outages, increased technical debt, and revenue loss if mismanaged. Common mistakes include creating multi-purpose flags, poor naming conventions, reusing flags for different purposes, lacking defined success metrics, insufficient access controls, and not planning for service outages. To mitigate these issues, it's crucial to adhere to best practices such as assigning one flag per feature, using descriptive naming conventions, setting clear success criteria, implementing robust access controls, and having contingency plans for service outages. Combining feature flags with analytics platforms enhances the ability to test and deploy features safely, ensuring that teams can move quickly without compromising the system's integrity.