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There are no pros or cons. It is a neutral holiday.
thanksgiving day
Not as a federal holiday. Many states observe(d) Lincoln's birthday as a state holiday. Many people remember having both Lincoln's birthday and Washington's birthday off from school as kids, but one was a state holiday and the latter a federal holiday. After the Uniform Monday Holiday Act was passed in 1968 (took effect in 1971), many people became confused and thought that the federal law had been changed to merge the two as "Presidents Day". The following article about Washington's birthday discusses Lincoln's birthday and the confusion.
George Washington declared our first national Thanksgiving Day to express gratitude for the new Constitution. (If you are using this answer for the History Mystery Message Challenge, it is Thanksgiving-number 7)
On October 3, 1789, in his first year as 1st U.S. President, George Washington [February 22, 1732-November 14, 1799] issued a proclamation, to make November 26th "A Day of Publick Thanksgiving and Prayer." Thirty-second U.S. President Franklin Delano Roosevelt [January 30, 1882-April 12, 1945] changed the holiday, in 1939, to the third Thursday in November; and then in 1941, to the fourth Thursday in November.