I am sure there are more for both but these are the pros and cons that come to mind for me when playing JV:
1. The stigma of playing for their high school can be a confidence builder.
2. If they are good players and successful in the arena then it can be a great confidence builder playing against older players.
3. If the older players, if there are any, are positive mature leaders then the youngers players can learn from them good habits.
Negatives:
1. The opposites of the # 2 and 3 from the positives
2. The focus at training and games should be age appropriate. If the coach knows what they are doing then it will/should make a difference. A variety in ages should make it tougher to coordinate lesson plans.
3. Risk of injury becomes greater.
4. There are no coaching requirements or standards for high school coaches so it is random whether you have a qualified coach. Although coaching licenses do not ensure a quality coach it does, or should, say something about there ability to run quality training environment.