is this related to cryptonight algo or wallet ?
No.
Can you make a pros/cons list versus Cryptonote/XMR or does one exist?
Well for a start we wont have a blockchain which is hundreds of gigabytes in size in a short period of time. In fact we have the exact opposite, a highly scalable mini-blockchain scheme. But the one thing Cryptonite doesn't have is improved anonymity, it's just about the same as the level of anonymity Bitcoin provides. But if improved anonymity requires a blockchain as large as the Monero blockchain then I say we're better off without it. If users really want more anonymity they can use Tor and be careful about how they make transactions.