Pros: elimating potential allergens, fillers, unnecessary ingredients; you get a higher protein, more species-appropriate kibble (if you can even call a kibble "species appropriate" that is

)
Cons: only con I can think of is if you have a dog with a disease that precludes them from having a higher protein diet
Just a comment about moisture content and moisture needs: you certainly could add water to a kibble - it's always great to add moisture to a diet However, when dogs need moisture - they drink water. If drinking water doesn't provide them with enough water to process a higher protein diet (which IS appropriate for their species) - then there is probably something going on with THEM - it's not a "con" of the kibble, in my opinion. Rather, it would make me wonder about kidneys etcetera.