Pros
Wonderful lab culture. Great learning environment. Opportunities to grow laboratory technique skills and work independently on solo project. Many chances to present findings at data meetings or poster conferences. If you are an undergraduate looking for research experience, look into what each professor is researching, reach out to them, and be yourself. They want to teach people who are open to learning and willing to try new things.
Cons
Takes a lot of time. You need to invest in what the professor is researching, read previous literature published to get familiar with the research topic and hypothesis. Not a lot of networking opportunities, so you have to be the one to initiate and find them yourself.