Pro's - great place to burn energy when the outside temps are too hot to go to the park; love the character dinner nights; Toddler Tuesdays are affordable.
Con's - as many have said, it is small and there is a huge separation between the baby zone and bigger kids' area, so if you have two kids that are 1 and 4, for ex, you need an extra adult with you. Non-healthy food options and candy everywhere...I just tell my son "no," but is it even necessary to have all that junk? And the biggest Con for me is safety. We went on a day where it was not very crowded, BUT the age range of kids on the blowup slide was probably 3-10. My four year old got kicked in the face so hard his gums were bleeding, and the employee who was supposed to be watching the slide was oblivious and off doing something else. I had to chase him down to get ice for my son. He was concerned, and very nice...I just question the wisdom of allowing twelve year olds (the max age) in the same play space with three and four year olds. I was watching my son and he still got hurt; so just be aware if you go that the age ranges vary a great deal.
Overall, we still plan to go for character nights etc.