Well I suppose pros are that the individual colleges get to stay in the constitution, so there would be no closings, the people would have more of a say in how the higher ed board is ran, and the board would be more accountable to the people through the legislature. The cons would be that the board would lose some of it independence from political stuff and its a change of the status quo plus the colleges stay in constitution.
I believe it would be a good change. The current status quo is broken. I think putting more of the power in control of the people through a direct election of the higher ed chancellor/president is a good thing because ultimately the schools are for the people and the people pay for the schools. I also like that there will be more accountability to the people this way through both the direct election of the chancellor/president and through the increased influence of the legislature, who represent the people. I also like that whole thing would fully fall under state statutes.
I think it would be an improvement over the current set up.