Pros
Ability to swap schedules/trips with other employees resulting in a high degree of personal schedule flexibility. Highly Unionized workforce provides for some degree of Worker's Rights and Protections that you just don't have in "At will" jobs. Great job if you have other income streams or are a "trustafarian" - then you might be able to actually afford to work here.
Cons
Long duty days. Sometimes you may be at work 16 hours and then only get a 9 hour rest break /layover. The worst part is you aren't getting paid for the full 16 hours you were on duty. You are only paid for the hours and minutes the aircraft is actually moving. The travel benefits have become increasingly worthless. It is the main reason people go to work for the airlines in the first place. But today with the Internet being used as a last minute clearing house - every flight is full every day of the week to every destination - making your travel benefits very difficult to use if you are able to use them at all - and you will be sitting in a middle seat in Coach if at all. Deteriorating work rules and labor contracts have really destroyed what was once a proud occupation. Employees used to receive Pensions. Those were "frozen" in 2012 Chapter 11 Reorganization and Retiree Health Care was also jettisoned. You are better off working for another industry with better pay and just purchase your tickets. You can fly today for under $ 300 round trip to just about anywhere. Soon the airlines will pay the public to travel !!!! Retiree Travel has also been downgraded. As a 30 year employee I have enough seniority to make the job tolerable for the next few years until I reach retirement age - but I would never, ever recommend anyone going to work for this airline unless you are being hired directly into an Executive Level position. The front line employees, the Flight Attendants, Agents, and Ground Staff get little respect and pay increases that do NOT keep ahead of inflation so you are constantly losing purchasing power in "real" vs. "nominal" terms. That affects your standard of living and future greatly.