I will say water turnover needs to be addressed along with this discussion. Spray bars are usually run with canister filters and the right size canister filter offers, typically, more water turnover.
Pros,
More water can be turned over while offering higher or lower flow in the tank.
Superior surface agitation that can be lengthened or shortened.
Cons,
A bit more hands on at times.
Air stones,
Pros,
Cheaper
Easier to clean
Cons,
Ugly
Requires additional equipment
Splash
I forgot to mention that a spray bar offers laminar flow. A pro.