Pros
No qualifying exams which is nice. The health insurance is really good.
Cons
The classic PhD experience: incredibly toxic advisors who overwork their students to the bone while the department pretends nothing is happening. The total stipend is a joke and is far below any reasonable cost-of-living estimate. Funding is extremely opaque: officially we are entitled to five years but depending on one's advisor significantly more might be available. The department does nothing to harmonize conditions across advisors. Requirements for what constitutes meaningful research progress are extremely vague and vary a ton from advisor to advisor. The TA requirements are high: by default default we are supposed to TA every semester, even in our final year when we are on the job market. Some students get out of it by being funded by grants. The details of this are never explained to students. The department is completely focused on Master's level students and provides next to no help in terms of career growth. PhD students are frequently left out of events that talk about job opportunities.