Pro:
more viewing angles,
more coral placements,
more option to put furniture (ie you can put a sofa on one side and have a very comfy viewing spot).
More utility as an overall room partitioned to give more style
Con:
More surface to clean
Harder to get plumbing to look right if you want to hide everything to the wall side
More weight away from the walls where there's usually more weight bearing support
Harder to get flow right if you don't want to show wires for power head on the far end
Fewer wall mounted light options.