Pros
You basically do everything, from curriculum design to delivery, so you have a lot of flexibility and freedom. Sometimes you get students who are truly passionate.
Cons
No support or outreach from administration or or the department. Somehow it is on the people at the bottom of the totem pole to reach out and hope that someone bothers to help you. No way to advance from adjunct to full professor. Teaching for several years and getting good performance reviews can let you advance to an Adjunct II, which gets you 150 bucks more per credit hour. Teach for 6 years and you get another 150. Zero chance for benefits, even if you wind up working more than a full time professor. Any con you can imagine from teaching in the current world applies here.