Has its pros and cons. The biggest con is that you don't pay a performance fee. In hindsight, that might be a good thing because you will have more profits (if the strategy performs well). BUT, if someone gets paid by performance, they will make sure they ARE indeed performing. They will do their best.
The best managers typically don't use social trading.
The big pro is that you're not locked in and there are less fees. BUT, there are many funds who don't have any lockups either and you're free to go whenever you want.