I love my three point splitter!
Mine has a big hydraulic tank and it's own pump that's powered by the tractor PTO. I think people running them from tractor remotes either have a type of valve that detents into a continuous flow position, or they use a bungee cord to achieve the same thing. Then there's another valve on the splitter. Personally, I wouldn't consider that type of setup because my tractors don't have a ton of flow.
As far as pros and cons, the cons are that it ties up a tractor (no problem if you have enough tractors), you rack up hours and wear on a more expensive machine than a little air cooled motor, and you may find the resale market more limited, since most people want a standalone unit.
Pros, for me are, a way quieter splitter (HUGE benefit in my opinion), it allowed me to buy a much nicer splitter since I didn't need a motor, axle, tires, etc, it has an adjustable working height, I can drive it wherever I want under it's own power, and the single stage hydraulic pump never slows down. Also, I don't have to maintain another small engine, and I actually view the hours on the tractor as a benefit; my tractors often see lots of on and off type work, so running at medium to high RPM with a variable load is a nice way to get everything warm and remove any condensation. That's what I tell myself anyway.
Anyway, I looked at the Timberwolf TW3, and ended up buying mine from a guy named Chris Wolfe. His product is called Wolfe Ridge MFG. It's a great splitter, and mine came in about half the price of a Timberwolf. He's about an hour and a half from me in Eau Claire WI, Wich saved me about $500 in shipping. I'd definitely recommend looking at his stuff, unless you just want to do a basic three point splitter and run it off remotes. I wanted a splitter with a separate tank, a 36" ram, and an auto cycle valve, so I couldn't just order one of the pre fab units. Here's a picture of mine:
I'm about 45 minutes east of St Paul, if you want to take a closer look or see it in action.