Cons really are no multiplayer gaming, You should be fine to go to PSN and download legit PSN stuff.
Pros are homebrews, playing backup without ODE, and you can disable HDCP (makes it much easier to record gameplay).
Gameplay is encrypted with HDCP by default. That's why most people record PS3 from component instead.Is gameplay encrypted on the PS3? I honestly don't know as I have never once tried to record anything from it... lol my experience with recording game play video's ended with the NES or SNES on a VCR... back when I used to record hard parts in games and watch them to see what I was doing wrong after I had calmed down a bit.