Mechanical fans,
Pros: Simple, reliable and, in some situations, more efficient.
Moves more air at high RPM, better CFM.
Cons: Always on, even when engine is cold. Could slow down engine warm up.
Not as effective at moving air at low RPM. Could cause over heating at low RPM
with a high load.
Always robs power especially during acceleration.
Fording is more difficult. Not impossible. I knew a guy that delivered supplies to
remote places in South America with a Range Rover. He said it was common
practice to remove the hood and wedge it in between the winch and grill creating
a deflector. Works as long as you don't stall. Some people would use tarps in the
same way.
Electric fans,
pros: Depending on the effectiveness of your cooling system it can increase mileage
Better CFM, than mechanical, at low RPM
belts are a little easier to change especially if mechanical fan has a shroud.
Can be install in front or behind the radiator or both.
Can be made to turn off with a switch. Makes fording easier.
Only on when engine needs it, making warm ups faster.
Dual fans offer better efficiency if wired to come on at different temps.
Secondary fan can be wired as an emergency back up when primary fan dies.
Continuous to cool after engine has shut off
It can give a little more power to the wheels when accelerating especially if fans
are not on when accelerating.
More efficient on a colder days.
Offers more control at regulating engine temp.
You can install an override switch to turn both fans on if you know engine is
going to overheat going up a steep hill on a hot day, giving the cooling system a
head start.
Cons:
More complicated, less reliable.
Can be less efficient on hotter days.
Less CFM, than mechanical, at high RPM
Needs a fan shroud to get the most out of it.
"Aftermarket" electric fans are not that great, poor quality and weak CFM. Most don't even come with a shroud. I prefer a good used OEM fan. The Ford contour dual electric fan fits perfect on my 1977 258
CJ5 radiator and has an integrated fan shroud. They make new aftermarket Contour fans but quality and price seems to be all over the spectrum depending on the manufacturer.
I vote dual electric on most vehicles, if done right. Just overall more efficient. Kind of makes it a micro hybrid. The stock 232 could probably use a little extra power/efficiency.
I vote mechanical for towing rigs or any vehicle with an over stressed cooling system. Just can't beat the CFM and reliability of a mechanical fan.