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There are various usability and accessibility issues with frames:
See http://www.angelfire.com/super/badwebs/ for an example of what not to do.
Depending on what you want to do, most things done with frames can be done with CSS. CSS stylesheets are compatible with all MODERN browsers, meaning your website will look the same if using firefox, chrome, or IE 7(with some tweaks). Also backward-compatibility is not a concern as users can view the content even with CSS off (where as a website using frames and without a frameless version of the site will be useless to a user with an old browser), it just won't be as stylized. It's also quite easy to learn, and once you get the hang of it you'll wonder why you haven't learned it in the first place.