What are the pros and cons of having the presets stored or not with the catalog?
For me, the pro's are that if you backup/clone this data to multiple drives as I do, it's always accessible when you use those drives (location drive vs. Desktop). I haven't had two cups of coffee yet this morning, I don't know what the disadvantages are.
It would be real useful if the next version of LR had a better means of syncing all
the user created data: DNG and Lens profiles, presets no matter where stored etc.