Some Pros:
All the expensive AES games cost less $$$ on MVS.
There are alot of good MVS Only Titles.
Every MVS game works with MVS hardware.
(Unlike the problematic "Phantom-1 Converters")
You can use the same Memory Cards on both AES and MVS.
Same thing with all Neo Geo Joysticks, provided your PCB has joystick ports. (Or you can add joystick ports with a consolized system)
The Uneverse Bios on MVS is much easier to install when there are upgrades.
http://unibios.free.fr/whatisit.html
http://unibios.free.fr/requirements.html
http://unibios.free.fr/ordering.html
Games are typically easier to find for the MVS system than on the homecart system.
The Cheap Ass MVS Sales from the Neo Store and Arcade Shock, just like the recent one last weekend! Samurai Shodown 5 for only $99.00..... That day will never happen with the NGH system!
MVS Games drop down in price all the time.
Cons:
I dont really see any cons for owning a consolized system. With all the money you save in buying games, you can easily afford a supergun too.
A consolized mvs setup looks better than a PCB hooked up to a supergun.