Pros:
Infinite ammo. What else?
Cons:
Conflicts with some of the weapon skins.
Conclusion:
If you're playing Left 4 Dead 2 with the infinite ammo mod, there will be some conflicts with some skins. In my experience, it's only with the H&K M416 and IMI Uzi mods. It doesn't seem to compete with the other mods. If you're willing to put some time to it, a good trick is to activate the ammo mod, quit the game, and reactivate the skins. Infinite ammo still exists, and your weapon mods are the same.
Pros:
Cons:
Conclusion: