Pros
Flexible schedule (if a bit odd because you're working with people in Europe and Asia). Very clear guidelines on how to work. Can be amazingly fun to meet new people all over the world. Because of the way the online scheduling works, you still get paid sometimes if learners cancel. Some nice incentives, including Amazon gift cards, for good performance.
Cons
Pay is pretty lousy, all things considered. You're expected to turn around the lesson reports "in 5 minutes" (and you're actually not getting paid for that time unless someone cancels on you, which is probably illegal). But they randomly select lesson reports to review, and they comb through those things looking for the TINIEST of mistakes: I got docked once for accidentally repeating a word like "the" and for not using a bare infinitive (which is generally a stylistic choice, but I digress). Technology problems can make it hard to work--a bad phone/Skype connection plus a learner with really limited English makes even a half hour lesson seem interminable.
