There are thrice as many pros and cons as there are arcade owners with ---uvulas---. So you're likely to get the entire gamut. Most of it boils down to opinion really. So here's mine.
I'm of the firm belief that Pinball's, arcade games and console games are within entirely different classes. I'm of the firm belief that console games are meant to be played while sitting half-naked on your couch with a HUGE beer at your crotch. While there are certainly exceptions (Neo Geo) and numerous ports of arcade games, that statement still holds. Console games are console games meant to be played on a couch. Build a box to emulate all your favorites, but they stay on the couch.
Arcade games on the other hand are better played on a cab. The feel is just different and having access to the unique controls just puts it into a different league than consoles. Sure, you can play them on the couch, but you're missing the allure. Arcade games are designed to attract you, take your quarters, then kick you in the crotch. The fatique of standing for three straight hours on the same quarters as you wail through wave after wave of enemies just can't be matched on a couch.
Pinball machines are an entirely different breed altogether and I wouldn't even consider such a build in an arcade cab. Granted, there are some very beautiful builds but.... I just think it's an odd choice. Like
virtualizing a kiss.