I don't know about other places, but in UK if your phone offers WiFi calling it simply means it'll connect to your phone service provider using your WiFi connection rather than cell tower. From that point it's routed as per a normal call and still counts toward your normal phone plan. This is distinct to VoIP where a PTP connection is made over the internet, such as Skype and others.
Pros, if you're in a low (or no) signal area your phone will work. Great in office buildings or at home or anywhere you can access WiFi. If you loose WiFi connection it'll fall back to normal signal silently.
Cons, can't think of any...