Following any process to the letter by some text book is problematic. If you consider things in the Agile Manifesto and the spirit of being agile, the pros are

Following any process to the letter by some text book is problematic. If you consider things in the Agile Manifesto and the spirit of being agile, the pros are things like you don't waste time building stuff nobody uses. Why gather requirements, design, develop, test, deploy of features that have minimal or no usage. I've seen many cases that by the time a feature gets out there, its not needed/wanted any more. There are charts and stuff on this regarding Lean Software Development. Another pro is barriers are identified quickly and can be problem-solved quickly. Figure out your unknowns really early and you can adjust what you're building. Over the last year with everything going on there were days where at standup people said "got distracted" and that is perfectly fine. I took that to mean they didn't get anything done during the last day. There were some major life distractions this past year. Those meetings aren't for management to keep tallies on people for some fictitious scoreboard, they are there for the team to identify barriers, ask questions, etc. so the work can get done. Agile comes from lean principles from manufacturing, its about eliminating wasteful steps in a process. Some cons would be with the wrong culture you get micro-managers, people measuring stuff that doesn't matter (ticket size, velocity, whatever) and possibly people gaming whatever nonsense you are measuring. If there is bad culture the project management process being used doesn't matter really, its not going to be pleasant working in that. If there is high risk in what you are delivering, like if you're building software for controlling a nuclear power plant, ICU medical devices, etc. you may need a lot tighter controls around the project process because software bugs can result in really bad things. Maybe a waterfall process works better in those situations, otherwise use agile that fits the people and organization.