Pros: Allows very low mounting, may allow for more latitude in fore-and-aft placement to effective use eye relief, decreases weight, and just plain looks good on a big-bore rifle.
Cons: With everything else being equal (which it never is) it delivers a dimmer image in low light with anything other than a very low magnification (4x or less, depending on your eyes).
I don't generally shoot long distances or use many high-velocity chamberings. For my usage, the Leupold 1-4x and 1.5-5x scopes, both with 20mm objectives, are my favourite scopes...I've probably got a dozen, and never pass up a good deal on another one.
John