Visored, also called Vizard, are Shinigami that are also possessed by a Hollow spirit. This can mean that they themselves partially became hollows, or that outside hollows somehow got into their inner world. These Shinigami are shunned from the Gotei 13, no matter how high of position they once held. Visored are identifiable by a dual riatsu, part Shinigami and part Hollow. Like the Jinchūriki, their inner spirits are usually not benevolent and generally devote considerable energy to taking over the host's body.
Basic Powers
Vizard retain the same abilities as Shinigami. They can use shunpo and kido and such.
Second Stage
Vizard all have masks made of the same white substance as Hollow masks. Often, though, these hollow masks have colored markings on them, and generally are shaped better to fit on a human face then a hollow, looking more gaunt and skeletal. These masks only last a certain number of posts, depending on how experienced the user is.
Once the Visored don their mask, they get tremendous boosts in virtually everything. They also get access to the Hollow basic abilities. Not only that, but sometimes these masks give one new ability.
Full Vizard Form
Visored get a final form, similar to the Full Jinchūriki Form. It gives yet bigger boosts and allows the user to get another new ability.
Pros
Visored are generally more agile and quick than Shinigami, making up for that lack, making them more than a match for Shinobi. They also have more freedom. Of course, Vizard are much more powerful than a basic Shinigami. Frankly, the Vizard and the Jinchūriki have the same basic Pros and Cons...
Cons
Inner hollows obviously are not cooperative unless you beat them down. The masks only exist for a limited time. And again, basicly everything from the Jinchūriki Cons.