Pros
You can work from anywhere as long as you have decent wifi, some basic remote teaching equipment (laptop & light) and a quiet enough working space. You don't have to do any lesson planning, grading, create or deliver assessment measures. You can choose your own schedule, block inappropriate or unpleasant students, and there is no micromanaging. It's been a breath of fresh air after years of onerous teaching jobs. So, for me, it's just fun. I get to use my skills and experience in a stress-free way, and the classes are affordable for students coming from countries where people don't make very much. I think it's particularly good for those who have a TEFL certificate and are starting out. My students are pretty much all regulars and have been lovely.
Cons
The pay really low if you live in places like the U.S., Canada, U.K, Australia, etc. If they paid $15 an hour, it would be fair. The people I know who are doing it full time and live comfortably are in places like Vietnam, Mexico, Guatemala, etc. Also, it's hard to get a hold of anyone if there's any kind of technical issue. To build up a student base, you have to do Priority Hours, and that's when unpleasant or pervy students tend to show up (they're often the ones who rate low, which impacts your ability to book).