Pros
It's effective.
It is working universally (to some extend in some cases, in others more extensively)
It has been unchallenged.
I would say it leans more on the side of assessment than (instructive or student-centered, any) learning which is prime in educational theory
Cons
It is simplistic, primitive and not sophisticated.
This shows that it is narrow in scope. I hope one day I will substantiate this to publish an article in journal.
Pedagogically and learning theory speaking it is very weak (i.e. it addresses only one of Bloom's levels, application).
Physicists don't take advice from mainframe educational research.
They only value physics education research which downplays more results of generic research.