Pros
Flexible schedule, work from home or anywhere, whenever you want.
Cons
Wages are much lower than standard for same work elsewhere. They want native English speakers with PhDs, but if you live in a developed nation you end up making less than minimum wage for tough papers because they pay per 1000 words (not by time as some of the competitors do). Bonuses are competitive and impossible if you don't work more than full-time. The reviews of your work, that ensure you keep getting work, sometimes seem to be done by non-native speakers criticizing and changing perfect English. Assignments are also competitive. You can receive an assignment at 2:30am, only to have another editor pick it up at 2:39am. Monthly topic newsletters post the names of the highest achievers and who gets bonuses, but this seems silly for a company without an office and workers from around the world. They also give you extra reading and training that is unpaid.