What are the pros and cons of using a BLTouch in place of a limit switch?
Touch sensors (or inductive or capacitive sensors) are generally used to probe the bed to determine the bed shape. For metallic beds that are not perfectly straight this works excellent. But, if your bed is straight and level (e.g. when you are using a straight slate of glass), you do not need to probe the surface as it is level. Instead you can use the probe to determine the Z level.


Pros for a limit lever switch are:


simple and cheap mechanical switch
no firmware changes necessary
no or few soldering
already present on most bought printers



Cons for a limit lever switch are:


needs fine adjustments counter part to work optimally 
something can get in between the lever and counter part
it doesn't look cool



Pros for a more sophisticated sensor:


it looks cool
everybody is using it so it must be good



Cons for a more sophisticated sensor:


expensive and complicated sensor
requires firmware changes (e.g. sensor offset value)
requires soldering, or connecting more cables
inductive and capacitive sensor work usually better at a higher voltage
higher chance of malfunctioning (more parts and electronics)