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I have the Mark 2 with the 5.5 in. bull barrel that I bought new in the early eighties.....a great firearm all around , and very accurate.....there are no cons that I know of , other than some folks have had some trouble recently in locating extra factory Ruger mags.....
The mag safety is not bad as far as the mag drop goes, however it necessitates the need to insert the mag while field stripping, which I feel is poor. Google 'Sam Lam' bushing and order one asap. IMO, follow that with a volquartsen target sear, the whole kit is not always required.
I've recently went back to a Ruger MKIII (after selling off a couple) for the "new" .22lr semi offerings. These "new" semi's didn't live up to the hype and it became apparent they would not stand the test of time and use. There are many MK's that have been passed down a couple gens with little signs of wear.
Sam (Sam Lam Bushing) is a good guy to deal with. He actually lives 15 mins away and installed the best fitting bushing for my Standard model. Mags drop free, better trigger feel, and take-down/assembly is simplified. If you only do one mod....do this one!