Cons: Noise, complexity, expense, lifespan, possible extra plumbing, no shut-off in the event of an accident.
Pros: Less motor drag [can only be found on a dyno, probably offset by increased alternator drag, unless its a strip car running off the batt only]
In a street car, I've never found a need for one. Hi-flow mechs available cover all sizes of motors. Maybe for nitrous or forced induction, there may be a reason, but I havent run into one yet for a carbed street car.
If anyone knows different, please tell me what I am missing.