PROS
Rockets have greater pushback than normal. (1.2x multiplier to rocket pushback once calculations are done, this is flat)
Rockets recieve a light homing efffect. (and they stop homing at about 490 HU's or when they have to rotate anywhere beyond 45 degrees to home in a direction whether it be turning up/right/etc)
Rockets are now not single-load and are mag-fed. (both will be reloaded at once)
One critical hit is earned after 3 kills and will set off the next trigger pull.

CONS
Rockets have less area-of-effect. (-0.15 ROU)
You have two less rockets. (-50% clip size)
Slower reload. (reload animation will take roughly as much as it takes for a stock rocket-launcher to load 4 rockets.)
No random critical hits.
Damage spread will always go to the lower denominators. (75-88 damage direct)