The Cons....
Takes up aquarium space and actually makes the tank volume smaller.
Not necessarily. My overflow box is tiny and I drilled the back of my tank so I didn't waste space with a box going all the way down. You can easily adjust the water level by siliconing plexiglas strips to the back of the teeth to raise the water level. I helped do that on a couple peoples tanks. Also, you can drill the back and just put a PVC elbo that is adjustable with a strainer on top like Salty420s tank with picture of her overflow below.
Can Be noisy if not modified with a durso stand pipe.
Easy fix as you stated
More Expensive to Purchase already drilled.
$25 a hole usually
Can leak if the gaskets let go, or tear etc.
If it doesn't leak the first week it most likely will never leak unless messed with. If you ever remove the bulkheads always replace the $2 gasket to save headaches.