Pro's

-with enough ingenuity it can be done with an style R/C (From an xmod to a Savage)
-it really makes you think more about co-ordinating your trigger finger with your steering hand
-watching two or three+ cars drifting side by side within inches (or millimeteres) of each other in complete harmony is much more exciting than watching the same three cars following each other through a corner nascar-style one behind the other.
-Dirt cheap to get into at the 1/10th scale cuz you don't need the best of the best for ANYTHING (older chassis, boring radio, stock motor) All you really need is a surface and tires.
-With electrics it can be done indoors (I used to drift my pro2 in my kitchen) and your cats will love it :P

Con's

-not quite as accepted as a "sport" as regular racing
-some noob is always going out and just WOT around a parking lot with ABS tires then wondering why he blew his motor up
-again with the "it doesn't score you chicks" and if it does, they have greasier foreheads than you do lmfao