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I don't think there really is a pro or con for either style. Mostly a personal preference thing, i.e., which style feel good in your hand. Either style will do everything the other style can. FWIW, I hand the top grip style.
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I prefer a top handle, one which is preferrably well designed with ergonomics in mind.
I have two jig saws, one being a 1970's Craftsman made by Ryobi Industries, at that time. Top handle, that is parallel to the base and a simple thumb-operated slide switch just forward of the handle. Real simple, real cheap ($18 in 1972) and too short of a single-speed stroke for my liking. But I haven't been able to kill it.
My second is the current Ryobi JS550LK. Variable speed, variable orbital stroke, scrolling head, non-tool adjustments, and much better ergonomics. It cuts well, has minimal vibration (passes the vibration test), and fits well in the hand. But I don't like the plastic blade lock/release and the laser sucks! But the handle fits well in the hand and it cuts quite well.
(This is my second '550', the first one had the plastic blade release flyoff within the first couple of hours of operation and the laser was way off and couldn't be adjusted back to center. The replacement has fared much better, and though the laser is okay, I simply don't like the light and therefore keep tape over it.)
I've used a "barrel grip" a couple of times (can't remember the brand, as it was long ago). I didn't like it, as it simply didn't feel well and I didn't feel like I had good control. Also, the motor got hot and that's what you're gripping... so, give me a handle any day.
I should note that the "sabre" or "jig saw", as they are now called, is not a big use tool for me... hence my choice for minimal investment. The kind of work one does and perhaps the style of one's work is going to pretty much regulate the tools of choice. I'm not big on curves and scallops, hence the minimal need for a jig saw. For cutting holes a wall or panel, there are other tools that serve my purposes better, and of course are depending on the amount of "finesse" I need (like there's no "finesse" at all with a recip saw.. but damn it does get the job done!)
I began my woodworking with a top handle, and have owned 3 different brands. A Craftsman from the late 50's/early 60's, a corded Ryobi, and a Dewalt which I bought in the late 90's that has variable speed, stroke, and a scrolling head like CW's JS550LK.
I have tried both types of configurations over the years and prefer the top handle, but we tend to go with what we know. For the record the Dewalt has become the one I use the most. I agree that it is simply a matter of preference.