Pros:
* In combats with few creatures Banishing Shot is a powerful control effect.
* In combats with many creatures Piercing Shot is an incredible source of AOE DPR and can easily net the equivalent of 2 additional attacks in a turn, and also scales well with your Arcane Shot die.
* Arcane shot adds reliable DPR on every turn it's used.
* Ranged combat grants greater effective mobility, providing tactical flexibility to attack creatures across the battlefield.
Cons:
* You're probably going to have an Int of no more than 16 for most of your campaign meaning your DC's and uses per short rest won't scale very well.
* Unlike melee martials you can't take Great Weapon master, which is a substantial source of DPR for them.
* Unlike melee martials you don't have a built in mechanism to weaponize your reaction i.e. no standard opportunity attacks, sentinel, riposte, zhentarim tactics etc.
* You don't get a way to weaponize your bonus action until 7th level.
You'll probably be decently effective in a campaign, but there are definitely better options for DPR including ranged DPR. D&D 5.5 advantages melee martials, but if you want to build a ranged martial your best bet is probably a thrown weapon paladin or barbarian build.