Pros
You get a lot of opportunity to work in interesting and innovative things within the Catholic Church. (yes, the Roman Catholic Church). You'll have tremendous satisfaction in the difference you make in the world, and if you're fortunate, you'll come away with life-long friends. Also, this jobs has unique perks, like getting to meet Cardinals, and other prominent figures in the Catholic community. Lots of opportunity to travel abroad as well.
Cons
This job isn't for the faint of heart. The mandate of going on campus and evangelizing takes a lot of courage. Also, compared to industry standards, everyone is significantly underpaid (this isn't so much a criticism, as a fact of life). You really have to be committed to work for CCO.
At present, CCO is also undergoing some self-admitted growing pains as it comes out of an entrepreneurial mindset and into a more systematized approach to managing itself.