There aren't any cons as far as I can see. The app store still works, you can still connect your iPod to iTunes, etc. Most hack apps let you make a backup of the current iPod firmware so you can revert at any time.
All the hack does is install a new app manager, which lets applications access actual system controls, so you can have proper preferences, a terminal, and the ability to customize the look of the iPod.
All the hack does is install a new app manager, which lets applications access actual system controls, so you can have proper preferences, a terminal, and the ability to customize the look of the iPod.