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Worse. When you have any app like the fakebook app always on for alerts, fakebook can see everything you do on the device. They commonly use your camera to take a look at you without your knowledge. Imagine having a teen daughter with the fakebook app always on and getting out of the shower to check her alerts. Some perv at fakebook got a cheap thrill on your daughter.

THIS IS COMMON WITH ALMOST EVERY APP TODAY!![1]
Pro nothing, Con: Everything.
Unfriend facebook Pro: you may re-connect with someone from the past and easily exchange some useful info... This is not specific to Facebook though.

Con: huge privacy issues. All the stuff you do there gets analyzed by people/organizations you don't know, in sophisticated ways you are not even aware of. Analysis by itself is not useful to business minded people, so think about how they use results obtained. Think also about what government can do with this info. Pros/Cons of Facebook
Maybe CIA and NSA have access to Google and Facebook data as well.