Pros and cons of Dummy variable vs WoE approach for variables in Model building

@machinelearnbot 

I need inputs on the pros and cons of building a log-reg model using dummy variables instead of the Weight of evidence approach for categorical variables. I know one of the things that needs to be looked at is the number of unique levels within a categorical variable. But, making reasonable assumptions, in a generic sense I would like to know if there are any pros and few other cons of using the Dummy variable approach vs the WoE approach.