I'll give my opinions:
Pro - Ability to do what Dukie mentioned, complex specialty procedures, not to mention getting some numbers under your belt for simple specialty procedures. IMHO this is great for people either seeking to specialize, though maybe not so high priority for ortho and to a degree, OMFS gunners. You can get extractions at any school and they're not going to let you do anything more complicated than that without some serious guidance, and ortho, well, they're not going to let you do ortho. Maybe invisalign depending on the school. Really great for people who plan on doing general dentistry, the less you have to refer the less your patients have to wait and travel, and the bigger your bottom line. Win-win-win.
Cons - Without a residency program on campus you don't have a chance to experience what it's like to be in an actual residency, if that your goal. Also, IMO high profile people within the field tend to be at teaching programs, and that is probably an advantage.