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Pros
Pro No need for a separate tool
Chrome comes with DevTools baked in. So if Chrome is used for development and it fills the need, there's no need for a separate tool.
Cons
Con Limited to the box model of elements
DevTools only displays measurements of the HTML element's box that means that it can't measure, for example, relative to text's baseline or objects within a canvas element.
Con Does not measure distance between elements
DevTools measure dimensions of HTML elements only.