Pro. Playing around with an Arduino, buy 2, one for the Arduino, one for the peripherals, connect the ground of the 5v side together, now you have separate voltage suppliers, no more spontaneous resets! con. what? there can be some, but i do not know.
Pros: compact, cheap, very good module. Quite compact compared to other power modules from 220Vac. Doesn't heat up much. Mounting holes very useful. You can place your own connectors, either plug in or screw fix. Cons: none
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