Pros- You get to enjoy emulators such as Snes9x, fbanext (In HD), etc, probably ps1 backups in the future.
If you are a pirate, you can get the newest game before the release date, usually a week, or two
LINUX FTW, soon there will be a much better OtherOS
Cons- You won't get PSN although they have been someways to log into it.
Void warranty