Pros: wider stance, factory disc brake at least on the front if you don't already have that, direct swap 9" third members if you already have one built the way you want. Depending on whether you're talking D44/9" or D60/D60, 14 bolt, sterling, whatever, you can get beefier factory axle shafts (with the later).
Cons: One tons are expensive to build and can be expensive to buy stock take-offs depending on what you get. HP fronts sometimes interfere with tranny pans depending on what your setup is. Sometimes won't fit on a trailer depending on what kinda tires you're running.