What are the pros and cons of going for an IT PhD?

I can tell you from personal experience the PhD will confuse employers. Employers don't really want advanced degrees, they want advanced accomplishments in the salary range they are willing to pay.

If I may just share from a recruitment perspective. I have filled a variety of IT roles both entry level and c-suite. What I can say about my recruiting experience is that I have come across very few in IT with a Ph.D. Those that did have it had resumes that transitioned to teaching as adjunct faculty and were looking to find full-time work to fill in the night or weekend classes they were leading. Some of them shared smilier stories of getting through interview processes to be turned down because they had "too much experience" aka Ph.D. The others said I was one of the few people to give them a shot because most companies are afraid to talk to anyone with that title in this space due to dollars. If you have a clear path as to why you want it that makes you happy that is the only thing that matters. If funds are not a concern educating yourself is never a problem. If you have a certain career title you are targeting you may want to research the market and the % of people with Ph.D.'s in that space. Just my two sense but do what makes you feel like a success!

It depends upon what you want to do. Earning a Doctoral degree will change you and how you are viewed by others. Consider all of your options, do you want to be a practitioner or a researcher? Look at a range of Doctoral degree options (EdD, DBA) and concentrations.