I realized though, I didn't answer the question, pros and cons.
Personally, for me, I wouldn't build a Grendel in a bolt gun unless it was a kids rifle, OR, I was needing some more power in a micro Mauser style action like the CZ-527. I know, it is a great little cartridge. But I also feel like if you are stuck with the size of a standard short action there are other cartridges that offer a lot more performance/potential. 6.5 Creed (I have one of those too) will out run it at distance all day long, and do it with more power. Like I said though, that is just me.
Not that a guy couldn't build a really neat little bolt gun around one. I SERIOUSLY thought about converting my daughters CZ-527 to Grendel. It would be a perfect little rifle for her.
Now, IMO, where the Grendel really shines is as a power upgrade in the AR platform. That is what it was designed to do. Once you get in that discussion, the argument really boils down to Grendel or 6.8 SPC. Both have very comparable performance in the same category. For factory ammo, under 200 yards, and especially short barrels, the 6.8 is probably marginally (some say significantly) better. But for the reloader, the Grendel has a much better selection of nice slick bullets in lighter weights. Once you start stretching the range over 250-300 is when that benefit starts to kick in. Long range there really is no comparison because lightweight .277 bullets with a good BC are very limited.
Now at the moment I don't really have too many plans on shooting my Grendel at distance. But I do shoot LR a fair amount, and realize that at some point I may (probably)will want to. Plus I had a fair number of 6.5 bullets that would work in it on hand already. To me the LR ability over the 6.8 was more important than the increased power of the 6.8 at close range. Pick your poison I guess.