The pro's of a MAF system is it helps "adapt" by adjusting fuel/spark according to how much air it measures going into th engine. Speed/density takes engine speed, along with the MAP reading, and adjusts fuel from there. The TPS "prepares" in both system and the final adjustments are done through the 02 sensors. If you reduce vacuum, or anything on a speed density system, it will not run right.
A con of the MAF is that vacuum leaks, turbulance, and a host of other factors can influence the readings. Many vehicles do not have MAF sensors, and do just fine without them. If you had an aftermarket computer, you could get rid of one or more sensors. I know people who run no O2's (because they run a lot of race gas) and those who run no MAF as well, they have thier car's dynotuned though and there are some setbacks, such as it has many of the same characteristics as a carbed car, but for the most part, it makes things more simple.