I use industrial paint, finish, and varnish stripper.
I then use a damp cloth to wipe it away after it has "curdled" the old finish. Using hot water helps draw out old stain. To speed that process up, I use generous amounts of Krud Cutter. Once clean of finish (I use a toothbrush to get in hard places), hang to dry for a day or more.
This is when I use sanding: 400 grit to blend, 600 to smooth, 1200 to blend finish, stain, sealers, then 0000 steel wool for final buff.
There really aren't cons if used properly.
