We opted for once a month a little over a year ago and I much prefer it this way.
I've got all of our bills set up for payment the first of the month so as soon as we're paid, bills get paid, money gets moved into savings and our individual accounts. It took a few months for us to get used to it but now we know that we have X amount of money in our spending accounts and know to budget accordingly.
Pros - less confusing over which bills are due first part of month/second part, less likely to lose track of spending and have to move money from savings for bills (we are both notorious for losing receipts).
Cons - I honestly don't think there are any.