Pros: If you have unused devices lying around, AiCam helps you utilize it for a useful purpose. Smartphones have better computing capability than most other electronic devices, therefore enabling many advanced features for security camera. A mobile phone is also different in that it is portable. So using your phone as a security camera lets you protect your property on the go. With cellular and battery integrated, smartphones can still send you alerts and record video in case of internet and power failure in your home.
Cons: For specific use cases that require stable hardware, such as low light, outdoor, as a dash cam, using a phone is not as reliable as having a physical camera.
After all, it depends on what features you expect from a security camera.