I urge you all to let me know if I forgot any "pros" or "cons", but please stay mature and on-topic.
p.s. Instead of merely stating things like "It ruins community!" you should state why that is.
Pros:
It allows everyone to partake in the Flashpoints, regardless of social skills.
It can decrease the time it takes to form a group and start playing.
It increases the chance that your average player would have both seen and played most, if not all, Flashpoints.
Cons:
It takes away the incentive for players to "physically" meet up inside the game-world(s).
It removes the necessity of being polite/nice to other players.
It "promotes" absconding and rage-quitting, and by extension, opposes teamwork.
It reduces the importance of Guilds.
It makes Flashpoints a less appreciated event.