What is reported about acquiring it
Most people with absolute pitch encountered music in early childhood, and this association has been confirmed repeatedly. Training can improve an adult's ability to identify notes to some extent, though the immediacy shown by those who have had it since childhood appears hard to reach. Other factors have been examined, including whether the speaker's language is tonal and the possible role of genetic predisposition, but how much each contributes remains unresolved. The mechanism behind acquisition is not a settled matter, so confident explanations of how it arises should be treated with caution.
Where it becomes a hindrance
Absolute pitch is not a uniform advantage. Reading transposed notation puts the written note name out of alignment with the sounding pitch, and having names arrive automatically is reported to interfere rather than help. Players of transposing instruments describe this friction, as do performers working with the different reference pitches used in early music. When an ensemble has settled slightly flat, holding to the pitch you remember pulls you away from everyone else. Absolute pitch attaches names to sounds; whether those names fit the situation is a separate judgement.
Its limits as a measure of talent
The belief that absolute pitch amounts to musical talent is persistent, but performance rests on a wide range of capacities: an ear for intervals, a steady sense of pulse, fine motor control, an understanding of how a piece is constructed, and the attention to stay with other players. Among people who have spent years in music, the reported proportion with absolute pitch is lower than popular belief suggests. Using its presence or absence to judge someone's aptitude for music misreads the breadth of what musicianship involves.