The pros of a split division Big 10 would be a conference championship, which would be played alternately at Soldier Field in Chicago and Lucas Oil in Indy.
Of course the Big Blue and tOSU fans of the world want to keep the tradition of having their little rivalry game be the last Big Ten regular season game. Problem is, a lot of these Big Ten teams don't play after Thanksgiving and are often (see Illinois in the 2008 Rose Bowl against Southern Cal) rusty when they play in January for their respective bowl games.
A championship game would give teams one more week of practice leading up to the game.
Also, Michigan and tOSU would be in different divisions, so you could also see a Mich-tOSU Big 10 Championship game if one team held a tie-breaker over another division team with the same record.
For one, it would be great for Chicago and Indy to have a championship game played in their city. There are more Michigan alums in Chicago than Northwestern alums in Chicago.