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Top Con
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It's quite difficult to move the domain/site-assets out separately, and there is no domain parking in case you want to use it for something else while you migrate your site, you have to have some form of hosting, which should not be a requirement if you are seeking other services but want to hold onto the domain for a bit or sell it. See More
While there's something political-feeling about this in some circles, Bluehost and its parent company Endurance (EIG) does suffer from the issue of having a complicated business strategy and ownership structure involving entities overseas and potential shell companies listed in their SEC/NASDAQ filings. While holding companies aren't anything special, the difficulty in actually researching what is a publicly listed company is source for concern if any administrative issues come up. See More