I think it's pretty common practice. Besides isolation, a couple of the 'pros' that come to mind are:
The relays are easily replaced, unlike the ones soldered in the PLC. Normally, you would choose transistor outputs in the PLC to drive the isolation relays. Since transistors have no moving parts, they should last indefinitely.
You can have different voltages on individual outputs. PLCs often have multiple outputs on one common, which all switch the same voltage.
The only real 'con' I can think of is the added cost.
-Eric