Pro: small, portable; can set a tent up nearly anywhere.
Con: small, forgettable; can leave a tent nearly anywhere, often heading out on a camping trip leaving the oh-so-portable tent behind on the driveway.
Pro: good emergency shelter in most weather conditions.
Con: a bitch to set up during an emergency in all but one weather condition.
Pro: thin walls keep you in touch with Nature.
Con: thin walls do not prevent Nature from touching you.
Pro: the smell of smokey nylon brings back happy memories.
Con: smokey nylon is smelly.