I use such a ledger + electrum 2-of-2 wallet for long term storage. Besides the obvious pros there are a few cons:
1. On the ledger display it is impossible to check the receiving address. Ledger can't check the change address either. There is no such problem with some other hardware wallets.
2. You cannot sign a message.
3. Transaction fee (segwit 1 input/2 outputs) is 27% higher.