I ride a Nishiki Linear pretty regularly commuting between 3 and 6 miles each way. It has a 700c rear and a 24" front and about a 10-11" saddle-bar drop. I've ridden it in a couple of alleycats up to about 15 miles and done well. I took it on a 20 mile road ride once and my back and hands hurt afterward. I love the bike because it's just a ton of fun to ride. It's pretty light (lighter than my IRO, comparable with my geared road bike), and it feels really fast. I have it set up 46x15 (a little too hard) but have ridden it most at 46x17. It has nitto bullhorns on it which I find to be very comfortable for what I do. Also, contrary to popular belief, tires are not that expensive. I recently discovered a giant bubble in the sidewall of my 24x1.00 Panaracer T-Serv, and was able to replace it with a 24x1-1/8 Pasela for less than $20.
As far as pros and cons go:
Pros:
Fun
Different
Looks awesome
Fast!
Cons:
Sucks to ride with a heavy bag
Hard to get weight back for things like ice and rough roads
Requires a bit of flexibility (I'm still young and limber)