what are the pros and cons on the wilton color mist especially the color black, I'm tempted on using it especially the black but not sure...or even the betty crocker brand.

I have used the Wilton Color Mists a few times and here are my observations:

Strong smell...like spraying alcohol.
On white fondant...not a smooth, even color if used more than only a little...it was ok when I did black on a stencil onto white fondant..but more than that or over a large area and it seems to "puddle", or not emulsify. It's weird.
On icing it does the same thing...kind of runny and drippy.
I liked spraying black onto black, couldn't tell if it was runny.
Not a lot of control, sprays kind of wide. It's not like using an airbrush which can give you a fine area of spray.
Make sure you keep shaking it every few seconds.