as we are migrating some servers running on VMWare. If you are in a facility with a cloud exchange, you can order virtual cross-connections to the Microsoft cloud through the co-location provider's Ethernet exchange. Co-location providers provide either Layer 2 cross-connections or managed Layer 3 cross-connections between your infrastructure at the co-location facility and the Microsoft Cloud.
I want to hear what are the pro / cons in regard to using layer 2 or layer 3 connectivity from on-prem to azure cloud.