P2Pool vs centralized pools

[joethejudge77]

Can someone give me major pro and cons for each type?

A good simple explanation will be appreciated. TIA

[semaster]

p2pool benefits :
    Decentralized bitcoin mining
    Payouts do not depend on pool operator and no delayed payout.
    Zero pool fees because it's less work/risk for pool managers.
    Payouts in virgin unspent coins with no transaction history.
    No user account required, just connect with your payout address.

[hostmaster]

p2p pool you better benefit if latency to the pool below 50ms. while others more...

[cr1776]

Potentially lower orphans due to increased connectivity.