Email: pros: links instead of confirmations code. You can always get it if you have internet (even when switching simcards if traveling). You don't need to rely on anybody infrastructure.
There are parts of the world where people don't use email like we do. Here we tend to keep few email addresses and we typically don't mind signing up using a primary email address. In other places, they trust no one regarding email so they use throwaway email addresses. This makes it hard when someone comes back to the services as they don't know which email they signed up with.
If you a like Twitter and trying to cross-reference people's email/phone from others address book to get people to follow each other, the throwaway email accounts are worthless compared to more stable phone numbers.
Ehh, I don't think that means email is dying for younger people. I'm 20 and email is essential for a lot of things. Everyone I know (which is a fairly broad scope of people) has email and uses it. Everyone gets email at some point, too - so the only challenge is making younger people realize the ubiquity of email earlier on.
Counter-point: It's hard to track SMS after a few carrier hops, especially in third world countries. There is no guarantee on delivery to recipient unlike email.
Email: pros: links instead of confirmations code. You can always get it if you have internet (even when switching simcards if traveling). You don't need to rely on anybody infrastructure.