Pros: First off, I love how easy it is to embed video hosted on Brightcove on basically any web page. Brightcove also integrates well with other publishing platforms — we pull video directly from brightcove into streams in uberflip.
Cons: Brightcove needs to have better user and role management capabilities. Since we have a number of people in our company using one instance we have run into problems with videos accidentally getting deleted, renamed, etc. Better control over user permissions and approval steps would be a great addition.