Pros
Flexibility, great support system and resources to help you do your job well. Paid holidays, accrued vacation and sick days, transit check and ability to become a W2 employee. Despite working on your own much of the time, you feel like part of a team- best of both worlds!
Cons
In my opinion, you have to be very self motivated and proactive to maximize hours, etc. - so not everyone is a good fit -this isn't necessarily a "con" for the right person- the sky is the limit!