Have you found some info yet? I'm sure there must be some lists online.

I'm not sure that there are any cons- maybe some things to be mindful of such as temperture of the water and not putting in bubble bath. Oh, and don't leave your baby underwater longer than the cord is pulsating- I think it's best to lift them out of the water within a minute of being born. Also, don't stand up when the baby's head is out then squat back down in the water- once they have surfaced they should stay surfaced.

Pros include pain relief and relaxation, less chance of tearing due to the warmth softening your skin and the easing of the burning feeling meaning you may feel more able to gently breathe baby out, baby stays warm while being half way out so its a gentler transition for them (this is good for breech babies too).