You specifically asked about pros and cons between the two types of quilting. Well, I suspect that just like everything with quilting it depends on who you ask. For example. Hand quilting I find the speed, or lack there of to be a con. But, I know quilters who love that it is a slow process and don't consider quilting a race - not that I do, but there are more quilts I want to make!
Now this reply is going to get long!
I do both. I hand quilt - very infrequently. I'm currently quilting a queen size double wedding ring -- have been working on it for several years. I machine quilt on my sewing machine -- primarily with a walking foot -- but I've seen beautiful free motion quilting. I also quilt on a long arm -- either Nolting or a Handi Quilter Avante -- depending on which shop I rented time at. Finally I have sent out two quilts for professional machine quilting.
Over the past two years I've seen two well maintained quilting machines that were just out of my reach financially at the time - or so I told myself. In reality, I couldn't figure out where I was going to put the machine. I've figured that out, so, the next time I find a deal as good as the two I missed out on, I will seriously put more thought into it. In the meantime, I will either quilt on my home sewing machine or rent time. I know I enjoy quilting on a long arm because I’ve rented time and have finished 13 quilts in the past 22 months (not including the ones I’ve done at home) but I think I would get so much more done and advance my skills if I had one of my own.
As much as I would like to own a top of the line machine with all the bells and whistles, I know as long as I have a stitch regulator and is at least as large as the Avante, I'll be just fine. If it comes to pass I want more, I'll trade up when I can.
Typically I don't send out my quilts for quilting because of cost and 'loss of ownership'. I know many quilts of old were pieced by one person and then quilted by many around the quilt frame (or so tradition says). But I want the quilt to be 'mine'. I haven't been able to give up 'ownership' (until it got to the recipient and then I have no control over what happens, but that's another thread). Of the two quilts I sent out for professional quilting, I wasn't impressed with one -- but I didn't know what I was doing at the time, so I don't blame the quilter. It turned out fine, but it was a case of you get what you pay for. The second quilt was a group gift and it was simply easier and faster to have it professionally quilted and it wasn't "my" quilt -- it was "our" quilt, so what was one more person working on it.
If you look at my backlog of quilt tops, you’ll think that I’m a ‘topper’ – someone who enjoys the piecing process more than the quilting. To a certain extent that is true – but really it’s more of a case of I don’t have the skills yet to do justice the quilt tops (and I’m cheap and can’t give up ownership). So, another thing to ask yourself is are you a ‘topper’. My quilting skills are getting there – I’m trying free hand Baptist fans this weekend. I know at this point, I won’t win any ribbons for quilting – but that’s not why I quilt.