Pros - there are only Pros if you are able to make it as a top model which means lots of travel, fashion shows all over the world, parties with designers, the ability to work with the top makeup/hair/stylists, photgraphers, designers and editors
Cons - having to watch every calorie you put in your body, having to go to 25-40 go-sees for every 1 job you get booked on, being constantly told you didn't get the job because you are too old/young/tall/short/fat/thin/plain/exotic for 99?f jobs you try for, perverts hanging around the industry, lots of drugs and alcohol everywhere, early mornings and late nights, your skin and hair suffer because of all the products used. And if you aren't a supermodel who gets to work with Vogue or Prada or Victorias Secret, most of your work involves things like handing out perfume samples in a department store in a suburban mall, local charity fashion shows, ads for local businesses
If you want a realistic view of the industry , read the book "Model" by Michael Gross. It's a non fiction book written after interviewing hundreds of people in the industry - models, agents, photographers, designers, advertising executives, editors, etc. If they don't have it at your local library, it is available on Amazon or Barnes and Noble
http://www.mgross.com/writing/books/model/