Don't longer bullets need more rotation to stabilize? Theoretically, hollow base bullets in standard weights might not be good for long range accuracy out of standard twist rate barrels. Course depending on the barrel and load, you might get better stabilization.
Some cases get thicker below the point where a standard shaped bullet would seat. These cases will squish a hollow base bullet. I think this would make the HB bullet noticeably less accurate.
Pros: better neck tension. Can load extra long OAL's out of customized guns. Possibly better accuracy out of some guns for w/e reason: obturation bit that RCmodel mentioned leading to more consistent velocity; length vs rotational stability that I mentioned; more bearing surface might allow higher velocities esp in polygonal barrels, before the rifling starts to mess up the bullet. And you might also find the longer bullets seat more consistently straight/concentric.
Personally, I use the FPHB in 9mm, cuz they're easier to pick up, and they give better neck tension in crappy thin walled brass. If there's a difference in accuracy, I haven't noticed.