"What are the pros and cons of waiting to play new games until much later after their release?"
It's great. There are no cons, as far as I'm concerned.
Now, to actually watch the video...
No, I don't give a fuck about whatever "social" aspect that I might be missing out on or whatever (which seems to be their only real "con" that I could tell), by not playing whatever flavor-of-the-month darling that everyone else might be playing at any given moment in time.