Pro Comments on the state of violence in media
While there has been violent games before the release of Manhunt, none had gone so far as to match what is found in some of the more over the top Animes and movies. At the time this game was released it was banned in numerous countries due to the violent decapitations and adult themes, but at its core the game comments on how society enjoys these things (much like the movie Running Man). While simultaneously getting banned the game got free press which lead to many sales. A funny situation in that the game is stating how people enjoy over the top violence through the story, by creating a game with over the top violence that sold well.
Con Unrealistic gameplay
Ignoring even the crazy premise of a televised manhunt, the gameplay itself is unrealistic in the sens that this is a stealth game where the second the player gets into the shadow, no one can see him, no matter how close. This may be immersion breaking for some.