Pros
If you are interested in productizing the latest in academic AI research, this couldn't be a better place to build your company. The people who work here are dedicated, sharp, and ready to collaborate. As a founder, you have access to incredibly talented researchers and engineers; a direct line to major customers because of AI2 and Vulcan's relationships; and ready intros to top tier investors when it's time to raise. The incubator also provides some seed funding, large credits on multiple cloud platforms, and depending on various factors, benefits for those looking for a gentler introduction to startups. The leadership is dedicated to helping their founders succeed, and it shows in the efforts that they put into each startup. And all this is a good deal for founders: AI2's equity/comp setup is reasonable, and worth the acceleration and de-risking it provides.
Cons
There have been some bumps and growing pains as the incubator has worked through operational details (it's only 1.5ish years old), e.g. who to invite as CEO/CTO residents, how to structure equity/comp, and even how to house everyone as teams get successful and start to grow. Most have been resolved or are in the process, but understand that the incubator itself is a "startup" and figuring some things out. Finally, not a con per se, but worth noting: if you're not a self-starter and can't drive towards goals on your own, you will not thrive here, and will likely be frustrated. Don't mistake this for a startup-on-rails program that will deliver you to a successful product and business. Recognize that it's a place with great resources at your disposal, but only if you are able to take full advantage of them.