The pros and cons of cash-out refinances

I’m working on a feature story for the consumer web site about the pros and cons of cash-out refinances. I’m looking for written comments from mortgage and financial professionals about both the benefits of cash-out refinances and the possible downsides. Also, do you think cash-out refinances will become more popular now that interest paid on home equity loans is no longer deductible? Please send your comments to me. I’d be happy to include them in my feature story.