Pros of wrist gauges:
You can form a "dashboard" if you keep your hands out in front of you, and have depth, time and direction at a glance all the time.
You can easily take your gauges to your lodging, or into your house for downloading.
You will have your gauges if you have to rent or borrow a reg.
You don't have to have such a long HP hose on your reg, so you don't have a big loop of hose sticking out, and you don't have to figure out how to secure the console.
Cons
You can lose them or forget them more easily.
They can catch on your BC straps as you get in and out of your gear.
Unless the gauges are amenable to bungie mounts, you have to fuss with straps with one hand.
My personal choice is wrist gauges, hands down. But I do recognize the downsides.