Cons:
May lose some of the link juice from the 301 redirect from the old URL's (between 1 and 10% is the usual quoted figure)
Initial (usually short term) drop in rankings and potentially traffic of weaker site pages
www.weakersite.com is a "nicer" looking URL for offline marketing than www.strongersite.com/weakersite
Pro's:-
If on Subfolder rather than sub directory pages will benefit from domain authority and links to domain of stronger site.
Can focus future link building and on-page SEO efforts on one site rather than 2, potentially doubling the amount you can get done
If building from scratch and choice of 2 sites or 1 I would say go for one. As two already exist there is more of a call to be made.