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Pros
Pro Easy to scale
MongoDB has powerful sharding and scaling capabilities for when the data stored in the database gets so large that a single machine may not be able to store all of it. Sharding solves this problem through horizontal scaling. Mongo gives developers the ability to easily and painlessly add or remove as many machines as needed.
Pro Great speed
MongoDB queries can be very fast because the data is usually all in one place and can easily be retrieved in a single lookup. But this is true only when the data is truly a document. When it's trying to emulate a relational model it starts to become really slow because it may have to perform many independent queries to retrieve a single document.
Pro Uses JSON
As Node.js uses JavaScript there's no need to map the returned JSON data from MongoDB, as JavaScript is a superset of JSON. Essentially solving object-relational impedance mismatch by its very nature. Working with JSON is also easier overall as it more easily fits into how you would represent data on the client.
Cons
Con Reported to lose or corrupt data
MongoDB is famously known for losing data in the event of a network partition or conflicting updates. See: https://aphyr.com/posts/284-jepsen-mongodb