Pros IMO are dead-solid reliable factory-engineered 305 horses, and they're better looking than LS engines. Also, they are more like the first-gen SBCs, so swaps are easier than LS engines.
Among the cons are limited (more expensive) upgrades, development isn't really ongoing, it's hard to find low mile donors, and many have had issues with the optispark system. There are other options for ignition, but none are inexpensive.
There are a lot of either pros or cons, if you don't have a donor car already, there are probably better options to go with. And I'm a fan of LT1s.
LT1swap.com has a lot of good info on wiring and such.