Pros
You can set your own hours.
You get noticed by admin if you are good at what you do.
There are always lots of interesting topics.
Cons
We are forced to use a processor that isn't all that great instead of Google Docs or Microsoft Word.
It's really slow right now and they're still adding new freelancers every day.
Since the time I started over 3 years ago, there are less admin to assist and answer questions.
Editors haven't gotten a rate increase, although writers did get an increase this year.
More attention is being placed on quantity rather than quality.