I've said before if Formula companies stopped advertising and gave purely the facts they would say something along the lines of...
"Hi, we're and we make formula milk for babies. It is a subsitute, albeit a poor second, to breastmilk for feeding infants from birth until approximately the age of one year old.
Our milk contains *Water, but not enough so your baby will need extra boiled water.
*Protein, but in too high a concentration so it has to be diluted which lowers the calorie content and then has to be supplemented with lactose.
*Fat, which is less easily absorbed then breastmilk fat.
*Carbohydrate, but in insufficient quantity so lactose has to be added.
*Vitamins and minerals, but not enough so many formulas are enriched with extra vitamins and extra iron.
and sometimes other things we have created in our labs which we have labelled as prebiotics and used to claim this milk is closest to breastmilk, when in fact it is closest to cows milk.
Our milk is packaged and marketed to be bought by the most customers so is pretty darn expensive and although people may tell you otherwise, it will not harm your baby to change it's milk, so you can swap and choose as you liek to see which one suits your childs make-up best.
Ideally your child should be fed breastmilk, as it is what is provided by nature for them, but as not everyone wants or is able to breastfeed we have made this milk to make an awful lot of money in this gap in the market, but if you do choose to use our formula instead of breastmilk, you will be putting your child at risk of more gastro problems, allergies, higher risk of heart diease later in life, doubling the risk of chest infections between birth and seven, doubling the risk of ear infections, making it five times more likely to suffer from urinary tract infections, and also will make the mother more at risk of osteoporosis, breast cancer and ovarian cancer."
And that;s just some of the physical 'cons'.
Pros however, erm.. Someone else can do it? (of course you could use EBM for that) I really can't think of any others.