Hi Richa,
The only Pros is that campaign supports multiple recipient tables. Rest of the Pros is business value you can generate using this setup
Regarding Cons
1. You cannot make use of default subscription services and so the landing pages available OOB
2. Seed Addresses schema will have to be adapted as per new recipient tables
3. Cannot make use of Coupons module (if you have bought it)
4. Will require a lot of development work.
Regards,
vipul