Pros are decreased back pressure, when going from a 3-bolt Buick housing to a T4 Tangential v-band style housing. If your car is setup to spool up a .85 A/R 3-bolt housing turbo with a decent sized turbine wheel (P-trim or GT-Q) and high stall converter, then switching to a T4 .68 Tangential would be a no brainer. Spool up should be maintained. However, if you had a smaller turbine wheel equipped turbo say like a TA-49 thru TE-60 with a .63 A/R 3-bolt with a 3000 stall and you stepped up to a T4 .68 Tangential, you might have some lag issues. Another pro is increased flow potential when you start trying to max out the turbo with high boost levels.
Cons are having to convert your flange on the header from 3-bolt to 4-bolt, as well as doing away with the factory style adjustable wastegate and having to go with an external wastegate mounted somewhere on the crossover pipe. T4 Tangential housings have a 3 5/8" OD v-band flange for the downpipe and have no provision for the internal flapper valve assembly.
If you have reached the limits with a 3-bolt style turbine housing, (Ex: PT76 GT-Q running at 32-35psi with a 3-bolt housing) and have verified with a back pressure gauge that your back pressure is higher than a 2:1 ratio, then switching over to a T4 Tangential style housing will significantly help relieve the back pressure. At this level, you can also upgrade the turbine wheel. In the example given, to a GT-S wheel which is worth about 100 extra fwhp. I don't recommend using a 4-bolt On Center housing. More restrictive at high hp levels than the 3-bolt style.
HTH a little.
Patrick