Pros: It is a way to stay at Disney on site in a multi room unit for something less than the cost of a college education. Personally, I don't think that its worth it for studios - you give up too much for the savings.
Cons: You are tied to Disney. Your room costs are tied down (dues go up, but historically not as much as cash room rates) but that doesn't mean park tickets and food are. Disney can make decisions - and the cost to you to "vote with your travel dollar" become higher - whether that's closing the Adventurer's Club (old timers are still bitter) or
Genie+ or Magical Express going away or increased resale restrictions or whatever Disney changes next year - and the year after - and five years down the road.
Know the difference between a timeshare and a hotel room. That includes amenities and also cleaning schedule, renovation schedule (the rooms do get much more worn than a Disney hotel - on the other hand, we pay for renovations, and dues are pretty steep already).
DVC isn't very flexible. Understand the system and learn to work it. If you buy expecting to be able to use points where you want when you want, you will be disappointed. Plan in advance, book home and change if available. Avoid cancelling or changing plans (other than changing if available).
Disney promotions and packages are not available on points stays. So there isn't any free dining on points
Perks and discounts come and go (speaking of bitter, Valet Parking - on the other hand, you can now get more towels without paying for them).
Its a good value (but notice I didn't say money saver) for a certain kind of regular WDW visitor. But there are far more people for whom it will disappoint if they buy without consideration because it doesn't meet their needs.