The most common and most likely answer to this crossword clue is the 5 plus 8 letter word MIXED BLESSING
I've seen this crossword clue in The Times
M
I
X
E
D
B
L
E
S
S
I
N
G
More clues leading to the result MIXED BLESSING
Buddy explains!
The straight part
We know that "that has its pros and cons" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case that has its pros and cons = mixed blessing.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.