Pros....
- Can run at steep angles
- Can adjust for elevation changes (advance/retart timing)
- Better cold engine starts
- Slightly better fuel economy
- No more vapor lock
- Small improvement in power (not much)
- Cheaper than mpfi (to convert to / modify)
Cons....
- Harder to limp home on, depending on what goes on early retirement (sensors, fuel pump, etc.)
- Can be harder to diagnose a bad sensor, as another circumstance maybe creating the false readings.
- Not as efficient as mpfi, since fuel still atomizes in the intake like a carb.
- OBD is not as nice as OBD II
- Still uses mechanical distributor/throttle linkage (can't bump the timing as quickly/easily as with newer motors)