No real cons, but make sure you pick up Borderlands 2 as well. BL2 is an easier play, but I got 1 this time as I like some of the characters better and kinda enjoy some of the retro feel to it.
Great game, great price; I've played this on Steam and PS3, both are comparable and enjoyable
None really, ammo can run a little low in multiplayer and for certain weapons; However, you can always buy more, and it doesn't hurt when a game requires you to plan ahead