While you'll find some 40' tag axle coaches most are 42' and above.
Pros: More stable ride. Cross winds have no effect nor do passing trucks. Higher CCC (Cargo Carrying Capacity) due to heavier coach. Mine weighs in at a tad over 49,000#. Larger coaches generally will have three A/C units and a larger genset.
Cons: Two extra tires to buy when necessary. You'll lose one compartment bay for the tag. Scrubbing of the tag in tight turns. See comments below. Higher cost for toll roads. They charge based on number of axles.
IMO, I would not have another coach without a tag. The ride alone is worth the extra cost. A 42-45' coach can have the extra 1/2 bath which is a nice feature also. The tag should be liftable and driver controlled. With a push of a button my tag lifts completely off the ground allowing a shorter turning radius without any scrubbing of the tag tires. The tag should also be driver "tuneable" meaning you should be able to adjust the tag axle pressure based on your weight configuration. The more weight you put on the tag, the more weight you put on the steer axle. Conversely, the less weight on the tag lightens the steer axle. I can adjust my tag pressure based on my weight ticket to ensure the best ride and handling possible.
As for engines, my preference is Cummins although CAT makes a great one too, so you can't go wrong with either one. Bigger is better. My 40' Dynasty was underpowered with a 300HP engine. With the 525 Cummins I now have, my fuel mileage is better and it rarely struggles on any of the hills in the Rocky Mountains. Climbing into Denver, I only dropped to fourth a couple of times......Dennis