Pros: Like most said, it's cheap, easy and fun way to to get in your exercise. Lost 30 lbs and am now the same weight as I was when I graduated from high school 20 some odd years ago. I also get a kick out of the coworkers reaction when they come to work in their winter jacket and I'm on my bike!
Cons: I lost 30 lbs, so now most of my work clothes don't fit, which means shopping and I. Hate. Clothes Shopping. Indiana Jones like snakes more than I like shopping. Also trying to dress for those spring/fall days when it's 30 in the morning but 60-70 in the afternoon. My backpack can only hold so much!