This component has been used with multiple customers (not sure if I can mention names here), and many fellow consultants are asking me various questions about it.
The component is developed in the way so it is compatible with out-of-the-box (OOTB) functionality, i.e. review done by Peer Review Component is equal to the same done using Branch Review. In fact, it extends the existing review case to make it more user friendly, and cover the gaps we have identified by intervieweing teams from various projects.
The only consern we have faced so far, was the formality of using 3rd-party components, e.g. who is supporting it, or if it introduces any security risks. But this component is only supposed to be added to DEV application in the recommended PROD | TEST | DEV stack, which means it is never delivered anywhere beyond Dev environment. OOTB compatibility means it can be disabled any time without interruption of the development procedures. I know of one customer which has even added the Peer Review Component to their enterprise layer to enforce use of it by development teams. this of course led to delivering it across all environments, which reflects their trust in the component.
I don’t think there are any cons compared to the OOTB setup, and for the pros - there are many Task lists for review, unassigned reviews, colorful status tracking for every rule in the branch, communication in the context of a rule, best practices on the history tab, automated housekeeping - just to name major categories.