Pros
Contract job guarantees a position for a certain amount of time. Great pay even for starters. Promised hours weekly and trackable income. GREAT per diem.
Cons
Contracts end and sometimes you don't see renewal for months, so be OK with boughts of unemployment. You don't get to choose who you work with, and sometimes you have to leave your home and travel. Sometimes the hotels you get put in can be in very shady places that only look good in pictures.