I am answering this question with the "active ankle" style ankle supports in mind.
Pros: it is nearly impossible to roll your ankle while wearing a pair of active ankles. They also give you a feeling of confidants to go for a tight set ball to the net, knowing you may go under the net a bit. Also if you play with people new to volleyball active ankles can keep you safe from them flying under the net and taking you out.
Cons: They take a little while to get used to wearing. At first they my feel uncomfortable but if you keep wearing them, you will soon not even feel them. Actually when you get used to them you will feel bare if you try and play without them. Some my say that by wearing ankle supports, your ankles start to rely on the added support and don't get the extra stress that will make them stronger. So just add some extra ankle workouts or run in the sand to keep them strong.
If you are playing volleyball for money or scholarship I would suggest wearing s pair of active ankle type supports.
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