The Power-Trac series (larger) are powered by a Deutz Oil Cooled (Air Cooled) engine. I do not know of any diesel engine that is purely air cooled (like a motorcycle engine) but that for sure does not mean it does not exist.
Like any engine, it is how your support it as much as the engine itself. The Deutz engine used by PT is rock solid. Pretty darn bullet proof. But, PT uses the stock oil cooler, one for an engine that is stationary, like a water pump. So it quickly clogs with dust and debris. as the engine blows unfiltered air through it.
Any tractor will have this issue, and keeping whatever radiator you have clean is essential for proper maintenance. PT just chose to not improve or review the design, so it is a bone of contention with owners with a machine that is VERY versatile.
With oil Cooled essentially it is only one system to maintain, and less moving parts to fail. It does not suffer from freezing or rusting out, and would not have the additional weight and space if that might be a factor.
I see no cons per se. No more than any other engine.