Later you go and create a wallet importing your previous private key, when the wallet finishes processing the block chain database you will have a shiny new BTC in the wallet.
This works on the same concept.
Pro's - ease of mind to people, it starts to feel more like the "real" money they use every day.
Con's - It could be a con (after customer receives goods, the manufacturer transfers the BTC back because they still had the private key.
Reportedly easy to counterfeit by creating your own custom holograms that are identical or near enough most wouldn't catch the difference.
As from the above you could spend the same coin in multiple places and bypassing the safeguards of the Bitcoin network.
I think these are great innovations (Bitbill as well) combined they equate almost perfectly to today's monetary trading :-D ... as with BTC digital wallets they just have to address and ease security concerns and they would make for very solid business :-D