Pros:
Your house will be toasty warm in the winter and cooler in the rare hot days of summer.
Your energy bills will be substantially lower with the increased thermal resistance of the walls.
If done to a decent standard it will make your house look shiny and new.
Cons:
Thin coat acrylic insulated render systems can be susceptible to mechanical impact damage when kids kick footballs, hitting them with bins, propping ladders against the wall, etc. If it gets damaged and needs to be patched it will always be visible unless you recoat an entire elevation. Some systems can be reinforced at ground level to reduce this.
Given that you’re increasing the thickness of the external wall by more than 100mm then this will likely require alterations to the roofline. Fascia and soffits and guttering / downpipes may need altering.
The aluminium or PVC overcills can sound like the drummers at the Edinburgh tattoo when it rains if they are not fitted with sound deadening tape.
There is a load of disruption when the works are taking place. Scaffold / mess in the garden / inconvenience.
I’ve been directly involved in (literally) about a million square metres of this over the past 10 years including most of the high rise tower blocks in Glasgow.
Would I pay to have it done on my house? Yes. (but unfortunately the construction of my house precludes it.)
edit: For clarity, I’m not currently involved in installing this anywhere, so not trying to make a sale :-)