1:1 allows you to shoot with both eyes open very comfortably. You can do it with non 1:1 viewfinders as well, but... it's not quite so nice.
I can't think of any cons except that I sometimes like to see around the framelines- it helps me fine-tune a composition. But you wouldn't be 1:1 with all lenses anyway.
The magnification doesn't change. The framing does so shooting with a tele lens give a smaller frame in the finder but the subject doesn't get larger as it does with an SLR. The opposite will happen with a WA, The image size doesn't change, the framelines change. Again in an SLR the image will appear smaller because the lens covers a larger field.
Now, if most of your shooting tends to be normal or wide angle the .72 is more advantageous to you. since it will show the 35mm frame, some cameras, 28mm.
The 1:1 will work better with normal to short tele lenses because the viewing image is somewhat larger.