Pro
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Single point of management for all virtual networking
Similar interface your networking teams are likely already familar with
Separation of Server / Network adminstrative boundaries
Security & ACLs on Virtual Machine traffic
Integration with Network Analysis modules & Virtual Security Gateway
Support for richer features including LACP, QoS, DHCP Snooping, Dynamic ARP Inspection, SPAN, ERSPAN, AAA, Netflow, SNMP, vPC, and many others features the VMware vDS does not offer.
Tracking of interface level stats & counters - same auditing & tracking of VM networking as physical hosts.
Cons
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Can prove to be a bit of a learning challenge for some server admins who are accustomed to managing virtual networking. IMO- Virtual machine networking should belong to the networking teams anyway, but some organizations have "jack-of-all-trades" admistrators.
Regards,
Robert