Nope there's no benefit or cons of invading. I guess the benefit would be to rank up and unlock stuff in the covenant, but I heard with every loss it deducts points. So unless you're winning 2:1 or 3:1, you won't be ranking up.
As for cons, I guess you just waste a cracked orb each time. If they disconnect on you, you don't get it back. It's frustrating to have people pull the plug because not only did you waste an orb that costs about 15000 souls, you have to sit through a loading screen for no reason.
Invading is just for pure fun/grief. It adds to the difficulty of dark souls and adds an element to the game that not even fighting npc invasions give you.
If you're on NG it is even worse if you waste a cracked orb. They aren't easily obtained. You can only start buying them on your second playthrough
EDIT: this is in regards to the brotherhood of blood. Invading as a bell keeper nets you a titanite chunk with each win, and other easily obtained covenant rewards. There are no cons as a bell keeper. As for the blue sentinels, I haven't joined them yet, so I have no idea how they work other than they use blue orbs to invade sinners. I'm not sure what you get or what you lose in an invasion.
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