I don't think I can contribute to the Pros and Cons due to my lack of understanding, as much as I'm trying! However I do wonder about the recurring theme in cons for the first two points - people cheating the system. I think part of what needs to happen with Steem for it to grow through SMTs, with the view of multiplying and diversifying content further, is it also needs to create the chance for new author content to be surfaced to the relevant audience in order to spread the balance. If cheating occurs then this could reverse the effect, increasing the gains for those who cheat, and if the balance isn't right then it may not be adopted fluidly.

edit. I clicked post too early before