Please read through them first, and if you don't see an answer to your queestion, click here to ask your own question. We will respond to you by email, and if we feel others would be interested in the same question, we'll post it below for everyone.
Updated July 2015
As for pros and cons, Jason Stilwell, a professional city manager in California, included a discussion of that topic in his Doctoral Dissertation. It is probably as good as anything we have encountered on the issue. You can find it at the link below.