Pros
They offer a lot of flexibility and freedom in regards to what you write and how your community operates. You can gain a lot of valuable industry experience and you can make a lot of connections that will help you later on. Everyone that I've worked with, either at HQ or in other communities, is super friendly! They care about me as a person and it seems like they're working really hard at HQ to grow the Odyssey and its vision.
Cons
You get out of it what you put into it. You don't get paid (unless you hit some incentive benchmarks, and even then, the cash reward is pretty small), so that can be a drawback for broke college students. It's a lot of time and effort, so it's best to be really passionate about what you're doing. I understand why they don't pay everyone a wage, but the EIC's (and the writers) put in a lot of hours and hard work, so it would be nice to be rewarded a little more. There's also been a lot of changes at HQ that haven't been communicated well to the EICs.