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What are the pros and cons? When should we have them and when we shouldn’t?
UPDATE
What is this comment in an update SP auto generated with RepositoryFactory? Does it have to do anything with above columns not present?
--The [dbo].[TableName] table doesn't have a timestamp column. Optimistic concurrency logic cannot be generated
If you don’t need historical information about your data adding these columns will fill space unnecessarily and cause fewer records to fit on a page.
If you do or might need historical information then this might not be enough for your needs anyway. You might want to consider using a different system such as ValidFrom and ValidTo, and never modify or delete the data in any row, just mark it as no longer valid and create a new row.
See Wikipedia for more information on different schemes for keeping historic information about your data. The method you proposed is similar to Type 3 on that page and suffers from the same drawback that only information about the last change is recorded. I suggest you read some of the other methods too.