Hi @mrhectorgibson, I hope you're doing well!
You can see some ways to earn some additional space for your account, in this Help Center article.
We also have some available promotions, if you have a newly purchased device.
As for the pros and cons, I think the extra space itself is a pro. 😉 I personally can't think of a disadvantage to some added storage, in order for you to be able to add some content to your account, but I'm going to keep this thread open, in case other users want to share their opinion too.
I hope this helps!