In a nutshell, they are the same in principle. Supercharger is belt driven, Turbocharger is exhaust driven. A centrifugal supercharger is literally a belt driven Turbocharger.
-Supercharger will be less expensive to buy, easier to install and less to maintain
-Turbocharger has almost no parasitic loss and will make more all out power
-Supercharger will suck up about 15% of the total engine power to make its power
-Turbocharger properly sized for your application will have very little turbo lag and will get into boost faster than a centrifugal supercharger but slower than a positive displacement supercharger.
-A turbocharger will be happiest behind a stalled automatic where you can spool it up on the transbrake and launch at full PSI.
-On a 5.0 Mustang, ANY supercharger or turbocharger setup is going to be limited by the block. When you start getting up into the 500rwhp range you are in danger of cap walk and the block splitting on you. Modulars have the same limitations but its the rods that can go in those, not the block. Modulars actually have to keep it a little lower but rods are a LOT cheaper than a Dart block lol.
I could go on and on... honestly if you are asking "what are the pros and cons" you need to read read read. Use google, buy some books, go to car meets and talk to multiple ppl and just educate yourself. Your first blower especially for a 5.0 really should be a basic Vortech S trim supercharger. They are cheap, reliable as hell, easy install and will make as much power as the stock block can take.
2000 Mustang GT Steeda #0048
Just because I give you advice, doesn't mean I know more than you. Its just means I've done more stupid ****.