BIG HUGE PRO'S ....
I have it on my People S200 and I love it. I feel that I do get noticed MUCH more than I did and I don't think ANY motorcycle should be on the road without headlight modulation. It very well could save your life and you will never know it because the person won't pull out directly in front of you. I see peoples heads snap to look at me since I have the modulator and before they didn't.. There is a reason that motorcycles are the only vehicles on the road (except emergency vehicles) that are allowed to have a modulating/flashing headlight... It saves lives.
Cons (if you can call them that)... It costs money and can be difficult to install because the wiring/bulbs are not easy to get to. For me the project took the better part of 6 hours due to the difficulty of disassembly/reassembly. This could easily be avoided by simply paying your repair shop to do it. *BUT* the question is how much is your life worth?
Thats my 2 cents
Edit: Also I have a flashing brake light and LED bulbs all the way around (except headlights of course). I also highly suggest replacing all bulbs with LED bulbs. My brake light bulb was expensive but its about twice as bright (when braking) than the old bulb and will not burn out. The turning indicators are cheaper LED bulbs.