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Garry, pro's = the ability to add an accessory in the future like a laser, light or a combo laser/light unit. Con's = 0. Better to have it and not need it than to need or want it and not have it. Cheers and stay safe!
Garry, pros of having one is being able to attach accessories like lights and lasers. Cons, the only two I can think of is I'm sure it adds a tiny bit of weight and some firearms like 1911s it makes finding a holster a little more difficult. If it's a home defense pistol you probably want a flashlight or laser. So really depends your intended use and what you prefer. I personally like the looks of non-railed pistols better. Just depends if you want accessories or not. Hope this helps.
Garry, I do not see any cons to having a rail. It is there if you need it, and out of the way if you don't. The con to having a non rail pistol, is it severely limits the accessories you can add. Have a great day!