pros are that you can get better cooling depending on the setup you run. cons are that its more complex. You still have to run some sort of heat exchanger on the front of your car, you must use a reservoir, although the larger the reservoir and more efficient the exchanger you run the better.
with an air/water setup its actually possible to get your intake temps BELOW ambient air temperature. Assuming the use of ICE in the reservoir. Even without ice, if your reservoir is large enough and the heat exchanger is efficient enough, you can still have temps much lower than with an air/air intercooler.
You need a reservoir, a heat exchanger, a pump, and the intercooler itself. as well as piping and hose and fittings. Given then you dont have to run the piping to the front of the car anymore, you also gain the benefit of extremely short piping.
Most people dont go this route due to the complexity of the setup.