What's cons?
Everything in that paper by dga is addressed in more recent versions of the Cuckoo Cycle whitepaper (e.g. the version published in BITCOIN'2015 from Jan 2015).
Good, you should send it to the next tradeoff-resistant algorithm competition.
So the only problem left is necessity to have top-tier hardware to be able to mine quantum-proof blockchain, i.e. even worse centralization of mining?