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Pros - you save a little bit of money in not having to buy another set of wheels.
Cons - more wear and tear on the both the wheels and tires, but mostly the tires from mounting and unmounting them. You also are paying to mount and balance tires every winter and spring.
A separate set of wheels and tires for winter and summer is the way to go. You can pick up cheap steel wheels or go to a salvage yard and get stock wheels for dirt cheap to mount your winter tires on. They are going to take a beating anyhow during the winter so why buy something good. That way you can keep a nice set of wheels for the summer time. You also get the benefit of having dedicated tires for winter and summer therefore your vehicle will handle better. IMO it is the only way to go.