You will find the information you are looking for in the Administrative Templates episode of Working with Group Policy. In this episode, we talk about the benefits as well as demonstrate how to set up a central store.
The pro's are having a single copy of the administrative templates that are replicated to all domain controllers. So any new or changed administrative templates will be available to all domain controllers. This solves the two big problems we had in the past. No more bloat issue, since they aren't stored in each GPO, and no more version issue, since they are replicated across the domain.
I cannot think of any con's. They are replicated with Active Directory, but the templates are very small (file size), I can't imaging this impacting replication performance.
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