The pros are that there are about 7 million of them out there. They can't be THAT bad if 7 million other folks bought them.
The cons are that it takes a bit of skill to shoot with one and hunt with it. First off the sights are irons and today's shooters/hunters seem to constantly push optics. I admit it, I have optics on my bolts also but I shoot peeps and opens on my levers. Just easier to sight and carry.
The other con today is that the 30/30 94 is not a 400 yard "bean field" rifle. It will not give you bragging groups of under 0.1" at 100 yrds off the bench. It is not the gun to shoot across canyons for that spectacular 800 yrds one shot elk hit. But if you are a hunter and can work your way up to say under 150 yrds or preferably under 75 yrds, then it is a great handy rifle that is very easy to carry, adequate power for the job and easy to crawl through the brush with.
While I hate to come off as a luddite, I feel that in my lifetime hunters have morphed to shooters/snipers that seem to pride themselves on longer shots with bigger and bigger guns. When i started hunting, my upbringing stressed skill and stealth to reduce the distance to the target to where the 30/30 was a reasonable choice. Maybe that is because it is what we had and we realized the limits or maybe it was just a different time and skill in the forest was valued more than today. I am not sure, it was a long time ago.
Long story short, while I own a Sendero rifle (25/06) and I own bolts, by choice I hunt with a 30/30 94 with a peep unless the circumstances preclude it. For example, sendero feeder hunting common here in texas works against a 30/30 in many cases.