Never used a timewise...
And I don't see an "Alfa Elite Pro" on the Alfa website....
For TSD events, it's the Alfa Elite that you want... driver's display, CAS functionality, etc etc.
I ran an Alfa Elite and had very few problems with it... and have taught co-drivers how to use it on-the-fly during navigational events. It can tie into the VSS on most cars, or you can use a sensor and magnets on a driveshaft.
I co-drove for Dean C. at MLWR in 2009, and we mounted my Alfa in his car in about an hour... including the time to run a sensor and make a little bracket to hold the sensor on the tranny and pickup two magnets on the front passenger driveshaft. Often, the hardest part is figuring out how you'll mount it to the dash!
The downside... not many. Once you've had some practice, it's easy to adjust time or distances (due to wheel slip, etc), or adjust time+distance (based on current CAS!).
Make sure you set the time properly... at one rally I drove, we set the clock exactly 1 minute behind... so we were constantly leaving one minute late, arriving one minute late, and annoyed because "some other car keeps driving in our minute". We nailed several checkpoints perfectly... 1 minute late.