The great lance is really only effective on a courser, the speed prevents infantry from moving out of the way and drastically increases the damage, still not in the 1-hit area of yesteryear once your armor exceeds 60 or so unless you hit them in the head, which does do double damage similar to arrows and other melee weapons.
Using the great lance on a rouncey or cata-type heavy horse doesn't do enough damage and is easy to dodge, due the low speed of the horses and slow maneuvering of those horses.
Choosing the great lance over a stabbing lance also severely reduces your effectiveness against enemy cav. 1-1 it may be slightly weaker but when faced with multiple opponents you are at a tremendous disadvantage and there isn't really any pro to offset these cons.
Cons:
Low damage (very reliant on speed), low accuracy (easy to dodge), poor ability to fight other cav
Pros:
Mostly unblockable (can be chambered and blocked with a shield), out ranges most infantry weapons, cheap