Likely the simplest to implement in hardware/firmware (without external libraries)
Can easily understand/communicate how it works
Would have the prettiest RGB rainbow animations
Largest physical size
Can implement from scratch myself, without needing to buy a module
Cons
...
Lots of individual LEDs for a medium-large matrix...
Cost?
Power draw—unsure of how power-hungry the other options are, but I expect this to be more power-hungry than a off-the-shelf display module
Far inferior pixel density/resolution
Heat dissipation—may require me to produce my own LED matrix module on an aluminium board—at which point I might want to just buy a commercial product?