Answer:
Pros-
1. Allows protection for those that do not know their rights or understand the law by letting them know they have the right to remain silent and the right to an attorney.
2. Allows for you to have an attorney present no matter your race, income, etc.
Cons-
1. Some people may waive their right if pressured by police.
2. This gives an "out" sort of for the moment for some since they can use this right and not talk to police until a later date which by that time could mean someone is caused more harm or evidence is destroyed.