I too use a DIY CO2 in all my planted aquariums.Total cost is about $2/week. It's really not that difficult,as long as you keep it steady.As pepetj stated,too much CO2 and it will kill the inhabitants.
Planted aquariums ph regularly swings up or down by as much as 3-4 points by day and night. The amount of oxygen diffused in the water changes the ph significantly. During the day,plants give off oxygen and absorb CO2,at night,the plants give off CO2 and absorb oxygen. The balance between day and night,plus the amount of CO2 you add,will have a significant impact on the ph overall.
I do not have a regulator,but I do have a monitor. The pros and cons,are based on what you can personally guarantee.i.e) diligence in monitoring the CO2 system )ability to control system )level of knowledge to know how much is too much )ability to learn when to use it and when not to.
If you have a few plants in a 55 gallon aquarium,there's no need for CO2 infusion. If you can barely see the inside (like me) with every plant you can imagine,then CO2 is a must.
It shuts off the CO2 1 hour before lights go out,and turn it on 1 hour after the lights come on. That way,I don't have to worry about saturation being too high,and the plants have a steady supply,while they are producing oxygen for the inhabitants.
Here's an excellent link on a DIY CO2 reactor,simple,cheap,effective (same 1 I use):
DIY CO2 setup