Pro...hull is lower to the water when launching and retrieving.
Less trailer needs to get wet when doing both.
Con...shortens axle play...ie: the travel distance the axle can move up and down when hitting a bump.
Where before your boat would ride over a bump, now you might bang, as the axle slams the trailer frame.
I found that instead of flipping the axle to drop the back end of the trailer,
it was easier to flip my hitch so that the tongue was higher,
the stern lower, and accomplished the same end with less work.