Don't know all pros or cons.......just that high track gives machine better ground clerance and keeps
drive sprocket out of adrasive material for less drive sprocket wear which helps on replacement cost.

You did not ask about transmissions so hope it's o.k. to throw this into your thread. Run an older JD750B.
The hydrostatic drive with "turn in its tracks" capability is quick, pushes a load and never had hydrostat trouble.

It will be interesting what those that have used and maintained both high and standard track have to say.