While having AKC papers obviously doesn't mean your dog is well-bred, NOT having papers of any kind is a pretty good indicator that they're not exactly the product of a well-run, well-thought-out breeding program.
Pro's- Basically guarantees your dog is purebred. Eligibility for shows, etc.
Con's- there aren't, except for people who laud their dogs as being "AKC registered" like it's an achievement.
Delta zur Bindenburg- 11/15/13
Gentle Tripp- 6 yr old OTTB mare