It obviously is a well implemented strategy throughout the poker community.

What are the pros, what are the cons. When is this strategy most viable?

I've been studiyng on this for about 2 months and my own conclusion is that it'll be an offense in excessive repeat for obvious reasons.
But how does it tip the scale when done in alligment with other participants? (Which changes the possible aspect by a huge margin).

I'm sure as it annoys most, you must have pondered and figured it out.

It's a useful strategy when you're short-stacked and are trying to fold your way to the money near the bubble. e.g. With 5 tables running in an MTT, you'd often prefer other short-stacks to be forced all in on other tables before you are.

On a single table (e.g. an SNG), it might sometimes be beneficial to stall so that the blinds go up on one of your rivals, for much the same reason. You want others to be forced all in (or at least crippled by high blinds) before you are.

Funnily enough, sometimes you recognise that the blinds are going to go up soon and you'll have to pay more pre-flop (if you're about to be in the blinds), so it's beneficial to fast-fold in EP, in the hope you'll pay the BB and SB before the blinds go up, and you can survive a new orbit, where you'll go back to stalling.

Naturally, stalling annoys the hell out of big stacks who want to use the bubble dynamic to steal as many pots as possible in the shortest possible time.