What are the pros and cons of Painters tape?
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Painters Tape does lift the print surface upwards by its thickness. This has to be accounted for in leveling the bed. Different Brands do have different thicknesses and thus need different leveling!
Easy-peel tapes need to be avoided as they don't stick to the surface!

Pro

Painters tape is cheap and easily available.
Laying down a painters tape without overlap is easy.
It is one of the best print surfaces for unheated printers.

Cons

Painter Tape needs to be refreshed regularly.
Weak glue on a painters tape might come off the bed.
Rough-textured tape might stick to the print too good to be easily removed.
Some tapes do leave coloration on the prints.
Cheap painter tapes can be hit-and-miss.
Heating painters tape degrades the glue on it, leading to adhesion failure and staining the actual print surface with residue. It is not advised to use it with heated beds.