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Pros is battery life. Cons is you have to accept the reality that a better ipad mini maybe released in less than 6 months.
I have the mini and the 3nd gen iPad with the retina display. Frankly, I see no cons to the mini except that some digital magazines are a bit harder to read on the mini. But it is my go-to iPad. In my recent travels by car, I keep the mini in the cabin with me while the 9.7 inch version is in the trunk. I'm a full grown man with strong arms and hands and I still prefer the mini. When the retina version comes out, as long as apple doesn't treat it as a second tier device (meaning weaker internals, ect), I will upgrade to the new mini and leave the 9.7-inch version behind.