Pros: We know each other.
1. No one gets lost in the shuffle.
There are so many Arcade games from the golden age of gaming(1978 to 1985), and so few people that almost anyone can find an Arcade game to get a record, and actually get a record. Sure there 150 or so scores that would provide a very tough challenge, but there are games that are so obscure that doing about 20 or so hours of practice will net you the record.
2. People don't do it for the money. Sure, some do it for a cheap ego boost, but there are no material rewards for doing this. Meaning that most are intrinsically motivated to do well.
3. Record holders are here to stay. In the speedrunning community you get a lot of changeover on record holders. Games with heavy competition have high turnover. With our community most games have record holders who have held the record for awhile. So it's a plus for people who don't like change.
Cons
1. Hidden tricks: Too many gamers hide their game play. Yes you need video to show the community, but there are so many president Jace Hall TG records that still have hidden gameplay.
2. Over inflated sense of accomplishment. 50 hours of practice for a record on a third rate game no one has heard of, and you see people crowing about how it's some massive accomplishment. If we had strong competition for a record the crowing would be more meaningful. There are about 150 CAG records that deserve praise, after that it's a lot of junk scores.
3. Lack of understanding of how hard a record actually is. There are some amazing scores on some rarer games, but because people rarely play them they don't get the true credit they deserve.