I have a lot of curiosity about tubeless myself. Can we get a complete rundown of the pros and cons, and also get a description of worst-case scenarios, what causes them, and their likelihood?

Here's what I've gathered so far:

Pros
Slight weight reduction
Virtually no flats
Can run lower pressure
Better "feel"

Cons
More expensive
Less choices/availability
Initial setup can be annoying
More disastrous in the event of total failure

Seems like mountain bikers like tubeless more than anyone, but I've yet to understand why. The only reason that makes sense is they like low pressure more than anyone else.

Also, if the tires are glued to the rims, how do you take them off when your tires wear down?