One pro is if your pond is the size or longitudinal direction to pile winds against your damn the rip rap will save your dam from eroding. What you end up with, with wave action, is a shelf that will keep on getting bigger and creates shallow water if nothing else.
I have rip rap around my warmwater pond and found the weeds and grass actually filled in the stone and you can't see it at all. However my water line is very high. I used a front loader to move it.
For small ponds I'm a big believer in lining the bank and up over the top with 6 foot wide burlap. Before you lay the burlap down and peg in place liberally seed with grass seed. The grass will come up through the burlap and the burlap will hold the soil in place until the grass gets thick. But that time the burlap will have disentigrated. If you put it in place before your water line tops it will protect the shore from wave action if you put part of it under the waterline.
A good company to get burlap from is this one:
http://www.daybag.com/industrial/burlap.html I believe I got 300 foot by six foot rolls UPS'd for about $100.00.