I teach in a district with a balanced calendar, and I absolutely LOVE it! We go to school from August 1-May 31 with a break in Sept., a week at Thanksgiving, two weeks for Christmas, another week in February, and a week for spring break. The breaks fall at the end of a 6 week grading period--which is nice. It is really nice to have time off during the year--for kids and teachers alike!
I honestly can't think of any cons, and I live in GA so no snow days to deal with at all!