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Pros
Pro Frequent updates to latest versions of software, so quick security and other bug fixes
Latest version software often means quick bug fixes, more useful features. For example, as a daily user of TeX in my work, the latest TeX distro is a must (this is why I switched from Ubuntu to Fedora). It's also useful to be able to use recent external hardware such as USB wifi dongles or printers.
Pro Backed by one of the biggest Linux kernel contributors
Fedora is backed by RedHat, the 2nd biggest Linux kernel contributor in the world. Using a distribution made by RedHat means that it will be fine-tuned to work as efficiently as possible since it's made by the same people who work extensively on the kernel and know its ins and outs.
Pro Frees developers from some backward compatibility restraints
Fedora has a relatively short life cycle: version X is supported only until 1 month after version X+2 and with approximately 6 months between versions this means that a version of Fedora is supported for approximately 13 months. This promotes leading-edge software because it frees developers from some backward compatibility restraints.
Cons
Con Updating to a new release can be problematic
While there are a few tools on offer that will upgrade an old Fedora release to the newest, there can often be problems with these methods. Some that may not even crop up at first but will show later down the road. Being that upgrading can be an issue, it can be exacerbated by the fact that Fedora updates every six month, which means twice a year there is a risk of completely borking ones install.
In the last 3 years, I have had absolutely no problems with system upgrades. They just work, and I administer about a dozen Fedora computers at my home, my parents' home and at my work.
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Flagged Pros + Cons
Pro Frequent updates to latest versions of software, so quick security and other bug fixes
Latest version software often means quick bug fixes, more useful features. For example, for a daily user of TeX, the latest TeX distro is a must. It's also useful to be able to use recent external hardware such as USB Wi-Fi dongles or printers.