Pros: Time effective and professional way to get your professional information out into the world and with other professionals in the same field as you.
Cons: It offers a rather limited view of you depending on how much you decide to add to your profile whether it'd be by choice or because of limited information/resources ( limited experience, skills etc.).
Pros: Employers and other professionals get a good idea of who you are, what your likes are and basic knowledge of your skills and education.
Cons: It's a double edged sword that can either represent you well or it can give off the wrong impression depending on what you decide to post on your Facebook as well as giving a very brief and limited account into your professional life.
Pros: you can tailor it to your likes and preferences showing a balance between professional and social life with a touch of your personality. You can link social media (LinkedIn, Facebook, Twitter etc
Cons: It may not be brief or easy to navigate, discouraging employers from using it to get to know you. It also might be missing important information and lack direction, in terms of what it presents, if not well thought out before hand.