Pro:
Anonymity, the user you are transacting with can be anyone, no one knows his real identity of the person they are transacting with, only a wallet address is sufficient enough for transacting.
Unfortunately it is only anonymous as long as your address has not been linked to your identity.
As soon as someone can link your address (your pseudonym) to your real identity, all your transactions can be assigned to you. (and probably also other addresses)
But of course you can use mixing services or Coinjoin to improve the anonymity of your transactions.
Here's my pro and con:
Pro: I trust myself more than I trust my bank
Con: use as everyday currency - slow, pretty complicated for beginners, volatile (and nobody wants to be the next pizza guy)