Pros: The most fun racing game out there.
Cons: Not fun.
Since EA took over this game from Codemasters, it has become less about racing - in fact, less like racing - and more about the typical EA bullsh*t. The clothes and supercars that nobody asked for have been added, meanwhile on multiplayer they fail to provide any incentive for clean driving, instead punishing the most sensible of drivers with a higher licence level which takes them from winning ghost games on driving skill alone, to winning based on your ability to dodge cars who don't brake into the first corner and become 300kph bullets.
If you really want to have fun playing F1, be one of these guys who can't be bothered to race properly. Crash into as many other people as you can, every single race. I encourage it. This will lower your licence level, so that you can then begin to have fun in the licence D, C and even occasionally B races where your final position is completely dependant on your driving skill. Otherwise, no matter how hard you try to play the game 'properly', you will always find yourself on the receiving end.