Pros: saves money, safe/sanitary, fun to watch your beef transform
Cons: snorkel vac takes some practice, beef takes up space in your fridge and freezer
I'm a big fan of dry aged beef, but not a fan of dry aged beef prices. In my area (San Francisco) you can get dry aged beef for about $20-25/lb. and you're pretty limited in the cuts you can get.
I'll typically get a boneless prime-grade strip roast from Costco for $9.99/lb, bag it up and let it age for about 21 days. Throughout the process I'll check up on the meat to make sure it doesn't ever smell off and that the bag stays in contact with every part of the roast. Over time it develops a fresh, almost nutty sort of smell. After 21 days the meat has lost some size due to moisture loss and there's some trimming to do, so it ends up losing about 25% of its original weight and being about $13/lb - still a bargain. I admit to frying up some of the nicer looking dried parts too ;)
Once as a test, I compared a 21-day dry aged rib roast to a non-aged roast (exact same cut, both from the same source of meat at Whole Foods) in consecutive weekends and the difference was night and day. The dry aged meat was just extremely tender and had an intense beefy taste, especially compared to its non-aged counterpart.
My next experiment will be with a chuck roast and turning that into nice, rich burger meat.
The only challenges I've had are that the snorkel vacuum takes a little practice - it doesn't always seal right for me but that's human error more than anything else. Also, if you use bone-in roasts you'll have a harder time forming the bag around the roast and any sharp edges may poke holes in the bags and making them unusable.