The pros are that it hids defects in the walls such as tape joints and nails and the cons are that if you ever get a hole in the walls it very dificult to match the texture again and if you want to hang wallpaper you need to use a wallline first. If you can get a good drywall finisher you don't need the texture to hid defects as there won't be that many to hid.

That is true but some people also just like the design or I should say look of this too.
It is a little harder to clean than a flat,once you have it your pretty much stuck with it.
But their are a lot of different cool painting techniques you can do with this,its not as drab as a flat wall (personal opinion)I think repainting these a alot easier for the regular home owner,lap lines and brush marks are almost 100% certain that you wont get any.