I believe the cons outweigh the pros where security is concerned. Many companies recycle email addresses, hence, if a user no longer uses an email address (deleted his/her email account), it MIGHT be recycled back for any other person to use.
In that case any other person may receive periodic correspondence from your organization. This lets the new user know that the previous user of the account used to have a login with your organization. If you use simple email based password resets, without extra checks such as security questions, then all they need to do is recover the password using the email address they now own and they have access to that person's account.
I hope you are not programming for a bank. USBank.com uses a username and not a email. I also have an account with a credit union and they don't use email either but instead use account numbers, which they never recycle.
If security is the priority, never use email.