I actually prefer effects with stories. I do mentalism so a lot of that is telling a story, for me at least, so the audience understands why I'm doing some of the stuff I do.
I see your point but it's really one of those, if you like it great if not oh well. Story telling magic and magic are two different things. I don't especially like story telling magic as there is less magic going on more of a story, but when I performed magic, looking back, without a lot of stories.
Now doing mentalism I prefer telling a story with my mentalism as opposed to performing it like an experiment. So I kind of contradict myself saying I'm going into psychological effects.
So it really comes down to if you like it okay, if you don't that's just your loss, or gain depends on how you look at it, but if you present it with a story,
I feel that you can connect with your audience more, say you perform an effect with a sad presentation, for example PK Touches, you can get the sympathy of the audience on your side which distracts from the secret.
That brings me to another point, using story telling in your magic can be used as a form of misdirection.
If you tell the story right. It can also add personality to your magic, If your funny, tell a funny story.
That's my view, you don't have to agree but that's how I see it. So for me it's a pro, as opposed to con (of course) it can be used to your advantage if you do it right.

(The power went out because of a tropical storm here and I thought I lost this post and it made me mad because I spent a long time gathering my points. But it's safe.)