What are the pros and cons of using series/parallel VS. parallel/series?
I can't think of a legitimate electrical reason for a difference between them.
IRRC I experimented with the alternatives in a Super Reverb build and I couldn't hear any difference between those two wiring choices.
I think I also tried it after reading one of Weber's books back in the late 90's. I couldn't hear a difference either.
... One way, after the first speaker blows half the wattage is split between the reamining two. But the other way once one blows, one of the remaining three jumps on the grenade for it's buddies and takes two thirds the power giving the other two a break having to only handle one sixth. ...
No matter which way you slice it, if a speaker blows, its mate will be overstressed if you continue to crank full power through the cabinet.
It might be worth noting that in the Marshall 100w cabinets (at least the one I used to own, with "100" in the corner), they used 30w Celestions, not 25w Celestions. They probably wanted some breathing room to guard against blown speakers.
... all the old Marshalls were wired series parallel. Wiring it the other way would save one wire and two terminal connecters. ...
The way you have Series/Parallel drawn, it would take 4 wires, plus the two running from the speakers to the jack. Right-side negative runs to positive, ditto for left (2 wires). Now bottom negatives connected, ditto for top positives (2 wires).
Your drawing for Parallel/Series would require 5 wires, plus the two running to the jack. Top pair gets positives/negatives connected (2 wires), ditto for bottom pair (2 more). Now the top pair has to be connected in series with the bottom pair (1 more wire), then run wires to the jack.
So Parallel/Series actually takes extra wire. That's most likely the reason for Marshall's way. Your way might be different if the speakers in your cabinet were not equally spaced That is, you might find a means of arranging the speakers such that even with 5 wires, the total length of wire is shorter when wired Parallel/Series, and that would change your economic incentive to wire the other way.
My only problem with Weber is even when he's saying something true, there's too much voodoo and hype surrounding it. His books were very valuable to me when I was starting out (no Merlin, O'Connor yet, and the old books couldn't be found online or in stores/libraries). However, I had to grow beyond the things he says to really understand how amps work.