To lead discussion, I wanted to do a breakdown of pros and cons that have come up. ozfunghi provided one particularly thorough list, but I delved back through many of the posts and discussions to flesh out a list to provide as a starting point for people to reference.
Pros:
*No disc drive – Cheaper console (no cost of drive, cheaper stocking/shipping, cheaper throughout supply chain); smaller size console; more reliable (no moving parts, less defects requiring repair); runs cooler (better ventilation from less cramped internals, passive cooling); quieter; energy savings
*Smaller packaging for media – Cheaper (stocking, shipping, packaging); less shelf space
*Speed – Faster loading times
*Possibility to share game library between devices (e.g. handheld and home console) – Could lead to larger audience overall as well
*Faster switching of games – Easier to leave cartridges exposed, out of box, compared to discs
*No need for game installs
*Less internal storage need – Also helps to lessen the cost of the hardware
*Multiple cartridge slots possible – Possibility of multiple cartridges plugged in simultaneously (games, accessories) for speed and optional functions
*Storage space – Cartridges have a wide range of storage options; can be much larger than current disc media
*Potential to install patches/DLC directly into a cartridge – Could be useful in digital transition due to ability to install a game on your own cartridge for posterity, collection, etc.
*Piracy – Potentially harder to pirate cartridge-based games
Cons:
*Cost – More expensive than existing disc media (manufacturing more involved, more pieces to put together, costs scale based on amount of storage space needed); special ROM types could cost even more (though could potentially lower cost somewhat depending on arrangements and what was requested); console developer may have to eat cost to keep competitive pricing for third parties
*Lack of DVD/BR playback
*HDD still required – OS functions; storage place for downloading large game patches/DLC; possibility for allowing external drives, though extra cost to consumer
*Third parties – Could be turned off (cost; “different” media conceptually and compared to competitors)
*Physical media in general– Increasing prevalence of digital sales; capability of no interest to those favoring “all digital” approach (though neither would an optical drive either)
*Speed – While most disc-based games are installed for speed, the cartridge selling point of speed must be fast enough to not need to install the game in the first place requiring special ROM types, especially with larger games
*Piracy – Con for all physical media and only requires the right hardware to pirate