What are the pros and cons of using clarified butter as opposed to regular butter?
Pros:


Higher smoking point. Regular butter's smoking point is 325-375F while clarified butter is around 485F. But it can still smoke and burn! However the higher smoking point means it'll be much more applicable in terms of sauteing food without worrying about burning the butter.
100% fat. Often times its hard to calculate the exact replacements in baking when you want to replace a fat with butter because regular butter isn't 100% fat. Using regular butter, you would need to factor in how much extra water you are introducing into the recipe.
Longer shelf life. Without the water and milk solids, the shelf life of the clarified butter will be much longer. Can even be stored without refrigeration.


Cons:


Less buttery flavor. The milk solids that you are removing makes up a lot of butter's flavor. By removing this, you are removing flavor.