Well, from a pure mathematical approach, a ND filter is more efficient for balancing ambient and flash, if you're already at max sync...
In fact, HSS eats a lot of power for maintaining the pulse over the 1/180 duration (time for the shutter slit to travel over the whole sensor, for whatever shutter speed you're using), and using a ND filter allows for nearly one stop advantage over HSS once you do the math.
I can provide them for you if you want... (In fact I've just searched Strobist on flickr for the post I've made some time ago on this :
Flickr: Discussing ND Filter vs HSS/FP? in Strobist.com)
Cons are the sync speed (for sports), the dark viewfinder, and the optical degradation with cheap NDs (as a really good ND is nearly as expensive as a 360, I bet the cheap ND makes sense here!).
Pro is the cheapness of the solution!