Hi missRV,
The pro's are as you've suggested; shorter recovery time, an overall smaller incision with no skin sutures, usually only the ovaries are removed (ovariectomy). The cons are mainly the cost - when I looked into it 6 months ago I was quoted £120 more than a 'normal' spay, but you may also need to check if your vet offer the keyhole option - my vet don't and so referred my dog to a referral vet hospital an hours drive away. In the end I decided against the keyhole spay as my dog has had a number of irregular seasons (suggesting something isn't right) and really needs her ovaries and uterus removed (ovariohysterectomy). Hope this helps.