Community Notes will likely have some of the same pros and cons of wikipedia.

Community Notes are not written or curated by some centrally selected set of experts; rather, they can be written and voted on by anyone ... It's not perfect, but it's surprisingly close to satisfying the ideal of credible neutrality...

Well, that's the optimistic pro. But the con is that if a particular demographic is more drawn to contributing to those notes (or comes to overwhelm Twitter itself), we will see the same problems of bias we see on Wikipedia in (say) social-cultural subjects which - whatever it results in - is certainly not "credible neutrality".