The pros of updating to the new OS means benefiting from the new features that come with it. There are plenty of new camera features that can be enjoyed such as real-time exposure adjustment, a new Time Lapse mode, and the extension of high-end features to other Apple devices like iPad and older iPhone models. There are also new features in the Photos apps.
Voice messaging can also be made with the new OS. With just a few tweaks, Apple users whose devices run on iOS 8.1.3 can now send voice messages via messaging apps.
Moreover, e-mails can be hidden temporarily as A part of the new organizational gestures. There's also a new Family Sharing feature that allows sharing of apps, media, and location date within users' family unit. Parents can also turn on security features so kids can access only those apps appropriate for their age.
With the new OS, there's a new keyboard system available and more opportunities to create new widgets. Not to mention that app developers can use Touch ID in their apps.
The cons of updating to the new OS can have a negative impact on users of older devices (iPhone 4s, iPad 2 or iPad 3) than the newer ones (iPhone 5, 5c or 5s; iPad 4 or iPad Air; either iPad mini; or the 5th gen iPod touch). Note that the devices mentioned (both older and newer models) are the ones compatible with the new OS.
Once the older OS is modified, there's no more turning back because the process is irreversible. Latest phone models can work just fine with the new OS and experimenting would not be a hassle.
But not for older models as it could make such devices slower, and these would certainly not get the full features. That is certainly not worth the effort, especially if users of older phone models won't be using the whole range of features in the first place. So unless the process of updating to iOS 8.1.3 remains irreversible, users of older Apple devices should refrain for now from updating their phones. This, too, applies to jailbreakers.
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