Pros: Generally works well, speedy enough, free ssl with Cloudfront, cheap for many sites (most hosts charge per site which catches me out for little projects). I've mostly got the process figured out now...
Cons: not easy or quick to set up, lots of steps to get right, AWS is a terrible UI, Cloudfront invalidations are apparently sent by carrier pigeon so asset hashing is a must, even then it can take a while to see your site updates
I've noticed a high mortality rate among static hosting sites, particularly those "just add files to Dropbox and we publish your site" services. Static hosting services are to ops people what todo list apps are to frontend designers
Also, to your point: you can't, by definition, run php on a static site.