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SpecsUpdate
Pros
Pro Greatly favours stability over anything else
CentOS favours stability over being up-to date. For this reason it ships with packages that may be up to two years behind in order to ensure stability over everything else.
Using older versions for packages means that they have been thoroughly tested and used in production for quite some time, and are ensured to play well with each-other.
This strategy has paid off quite a lot in the past. One example is the Heartbleed bug which left CentOS unaffected since it was using a two-year old OpenSSL library which did not have the bug.
Pro Applications don't have to take into account potentially breaking changes in libraries
Since CentOS backports all updates and bug fixes to older versions in order to maintain package compatibility across releases, applications hosted on Red Hat Linux don't have to worry about potential breaking changes in libraries they use, especially language libraries.