Lots of pros: The biggest pro is their fun value. Tournaments are releatively cheap to join as long as you stick to the ones in your own league. Tournaments outside of your league will often have a higher entry fee. This helps keep sharks out of lower league tournaments and lower league players out of high league tournaments.
Cons: The only con I can see is that its not wise to play in tournaments in which one doesn't have the proper leveled cards to play in. A very good player has a chance in battle with lower leveled cards vs. a team of higher level cards. However it will be very difficult to consistently place in tournaments in which one doesn't have the correct leveled cards for.
Types of tournaments:
(1) Live: These start at the exact time displayed in the tournament lobby. If you don't show up after registering you do not get your entry fee back.
(2) Anytime: These usually last for 24 hours but can last longer. A player has until the advertised amount of hours to enter their teams all at once. To view all your battles wait until the tournament is over and watch the replays.
RE: Shit Is Getting Real ($40,000* USD Splinterlands Tournament)