Ethereum should adopt Programmatic Proof-of-Work (ProgPow).

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Pro: The hardware and software ProgPow audits both concluded that ProgPow was a significant improvement over today's Ethash implementation. Hudson James' post Software Audit Hardware Audit

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Pro: ProgPow improves Ethereum's decentralization.

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Pro: Moving to ProgPow keeps the miners incentives aligned with the future of Ethereum. By keeping PoW on reusable hardware when PoS comes along the miners have reusable equipment they can reuse elsewhere (AI, gaming, other PoW algorithms). ASICs are only usable to mine Ethash chains and are thus incentivized to fight PoS when that transition happens.

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Pro: The community voted for ProgPow adoption with an overwhelming majority. The vote of the community should be honored.

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Pro: Moving to ProgPow on Ethereum may decrease the probability of a fork when we move to Proof-of-Stake. twitter.com

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Con: ProgPow may cause part of the community to hard fork a non-ProgPow ETH.

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Con: The threat of moving to ProgPow, if required, is enough to deter miners moving to it at a significant scale.

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Con: ProgPow should not be a priority for Ethereum - we are moving to Proof-of-Stake, all our energy should be focused on that transition twitter.com.

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Con: If mining is dominated by ASICs it's more expensive to attack the network, because GPUs could be re-sold for a higher percentage of their purchase price following an attack than ASICs could.

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Pro: We owe it to the GPU-mining community to protect their investments, especially given ASIC resistance was always touted about.

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Con: ASICs are not an existential threat to the network. twitter.com

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Pro: Most people with deep knowledge about Ethereum and with its best interest at heart are in favor of ProgPow. We should trust their judgement.

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Con: Randomly reshuffles rewards between different Nvidia and AMD cards, with little regard for peoples' carefully chosen cards.

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Con: There are intellectual property issues - ProgPow may cause licensing issues for Ethereum.

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Con: Most of the 40 people behind ProgPow are not revealing their identities, which makes the whole endeavor untrustworthy. 1

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Con: ASIC miners have an incentive to protect the network and the price, because their hardware is useless otherwise.

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Con: ASIC mining today is more efficient and thus better for the environment.

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Con: Unclear claims where we are waiting to hear back from the original authors.

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Con: ProgPow and its implementation supposedly gives some parties an unfair advantage over others. [Note: No plausible evidence for this assertion has been brought forward. The equalizing of ASIC and GPU mining performance is not considered to be an unfair advantage, but one of Ethereum's design goals.]