In order to understand the pro's you need to know about these color spaces first. Refer YCbCr & HSV
Now when you choose HSV & when you choose YUV?
- If you are dealing with a color separation/segmentation task in which you need to seperate all different variations of one particular color then you can choose HSV.
e.g If for example you want to separate all the Green component from an Image. In this example you You can see the linearity linear distribution of the color Spectrum. I have filtered the Hue range from 35' to 90' to get all the Hue range of Green color. Now i can adjust the Saturation & Value of this Hue range to get all possible combination of this Green Color.
- Now If you want to alter the Brightness/Contrast component of a color image without altering the color component of that image you can choose YUV format. For example if you want to alter only brightness or contrast component of an image. Here I've applied Adaptive Histogram Equalization only on the Y-Channel of this image & you can notice the improvement on the quality of image.
It doesn't matter these color spaces are having pro's or cons. what does matter is how you use them!.