can anyone tell me the pro's and con's of taking on a tracker mortgage?

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it would save me about £30 a month, but we would be tied in for 3 years

I know no one has a crystal ball, but any advice whether to go for it or try something else would be appreciated

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Lurking, because we're considering the same thing. Currently on a fixed rate.

For a saving of only £30 a month I wouldn't risk it personally. There is only one way interest rates are going from here and that is up!

Could you look at a tracker product that let's you transfer to a fixed rate at anytime?

We have a tracker mortgage - had it for about 6 years or so. There was no arrangement fee and it is 0.5% above base rate.
As far as mortgages go, it is good and we have benefitted as the rates have come down.

We have been trying to re-mortgage and can't find anything at all that is better.

Have a look at fixed rates and see what the difference is. I saw a client today and the best fixed rate was not alot much more thna the tracker rate. they felt there was only on way rates were going to go and went for the peace of mind.
FWIW, tracker rates are not the good deal they were a few years back as there is a bit of a difference between them and the Bank of England rate. typically 2% or more. A couple of years ago it was .5% or so.

we have one like tennisfan, 0.49 above base rate, for the life of the mortgage, but other than a deal liek that. I don't think I'd risk it

We've just done ING direct - 2.39% above base lifetime tracker. Good thing is that there are no early redemption charges. Max LTV is about 75%. We think that it's a good deal bcos when rates do start to move, bearing in mind that in this climate there is unlikely to be any rapid increases, we can try to get a decent fixed. But for the time being we will make use of the considerable savings and try to reduce our loan capital balance.