Is there a standard way to title a list of bullets?

What about:

\begin{itemize}
\item [\textbf{Pros}]
\item Pro 1
\item Pro 2
\item \dots
\item [\textbf{Cons}]
\item Con 1
\item Con 2
\item \dots
\end{itemize}

OK, so it's a bit "unsemantic" but it looks fine...

---

Alternatively, use \paragraph:

\paragraph{Pros}
\begin{itemize}
\item Pro 1
\item Pro 2
\item \dots
\end{itemize}

\paragraph{Cons}
\begin{itemize}
\item Con 1
\item Con 2
\item \dots
\end{itemize}

I'm not aware of any "standard" way to do it, but often \subsection* or \subsubsection* is (mis-?)used for this. It depends on the document layout. The lower level \paragraph* and \subparagraph* normally don't break the line and aren't usable because of that.

One thing you could do, is nest these itemize environments in a description environment:

\begin{description}
  \item[Pros:]\ 
    \begin{itemize}
      \item Pro 1
      \item Pro 2
      \item Etc.
    \end{itemize}
  \item[Cons:]\ 
    \begin{itemize}
      \item Con 1
      \item Con 2
      \item Etc.
    \end{itemize}
\end{description}

But note that I had to add a "\ " space at the end of the description items, and that it messes with the indentation quite a bit. Probably not a very good solution overall...

Edit: I did not see Seamus' update... which is cleaner and to the point, but here is another solution:

\begin{description}
    \item[Pros:]
\end{description}
\begin{itemize}
  \item Pro 1
  \item Pro 2
  \item Etc.
\end{itemize}
\begin{description}
    \item[Cons:]
\end{description}
\begin{itemize}
  \item Con 1
  \item Con 2
  \item Etc.
\end{itemize}