Bonuses come out of the money used to pay salaries. All things being the same, any company that pays bonuses will pay a lower base salary. That being said, if you're good at convincing people of your worth, you can come out with higher than the "base" bonus, so ahead of the curve. But you're also paying more in the way of risk (lower income of the company doesn't do well, or you can't convince people you were important).

Pros and cons? As you increase in seniority your bonus ranges can grow significantly faster than your base salary, so while some years might be great, others may not be. And then if you leave mid-way though a year you miss out on any "bonus" you would have received if you stayed the entire way.