I can't believe no one has responded to this yet. I was watching from the sidelines, not being an 'eddicated' person on this subject, but guess I'll try to help you get something started.
My guesses as to pro/con:
Optical:
Pro: no 'floodable' connection, can disconnect and reconnect in water if necessary, independent connections to each strobe (e.g. no T-type sync cable) eliminates single-point failure, no camera hotshoe required, FO cable cheaper than electrical sync (???)
Con: right now, I believe, no generally-supported UW TTL protocol for optical triggering. Craig has posted that the protocols exist however I don't know of anyone implementing them right now. May trigger with surrounding flashes (other photogs, etc.). Requires internal strobe firing with possible impacts to battery life, fogging in housing, and mitigation for backscatter from the internal strobe.
Electrical:
Pro: cable acts as secondary attachment if strobe mount fails*, TTL supported, many TTL conversions available for just about any camera/housing/strobe combination support. Does not fire camera's internal strobe. Very reliable firing with almost zero likelihood of misfire due to other photographers, strobing line beacons, etc.
Con: cable costly and can be damaged. Damage to T-cable can take out both strobes at once. Extra bulkhead penetration required on housing and strobes. TTL solutions are proprietary and 'lock you in' to certain manufacturer/combination once purchased vs. being agnostic. TTL circuitry may be incorporated in housing and flood if camera does. Requires camera with hotshoe to utilize.
*Regarding the "pro" listed of secondary attachment, which I bet got a few eyerolls on first reading, I use two old DS50s that the prior owner must've "stripped" the plastic around the little screw that holds in the blade-like mount attachment (going to either the Ikelite round flat 'washer' adapter or a ball-type adapter). On BOTH of them, on my first dive trip, the screws fell out (never saw them again) and the strobe heads just 'slid' off the blades, dangling by the cables, scaring the (bleep!) out of me. Fortunately the cables prevented the heads from plummeting into the depths. Doubt a skinny little FO thread would've done that.
Since then I just wrapped some teflon tape around the blades to get a tighter fit and didn't bother trying to replace the screws.