[JRTJH]

Pro:
Functional for towing and storage of towing supplies (based on configuration)
Often lighter than a OEM bed (increased payload)

Con:
Limited resale appeal
Possible decreased resale value (unless the OEM bed is maintained for reinstallation)
Storage costs/space is the OEM bed is kept to be reinstalled.

Just a start, other Pro/Con issues will likely be added to the list.