Pros- smaller down payment, smaller monthly payments, free maintenance, get to dump the car at the end of three years and you usually get to pocket a little equity depending on the residual value.
Cons- getting a new car every three years is expensive and you pay a ton of depreciation, you have to watch your mileage.
Bottom line is that it's a bad financial bet most of the time. Buying and holding for as long as you can is usually the better play. But it's a car and you only give to live once. If this makes you happy then who cares.