Pro: More minds=More ideas
The more people you get together, the more ideas you can have generated. You most likely won't have to struggle to find out what to write about as you would if you were working alone.
Con: Not everyone can meet up at the same time to get work done.
5 people agree on 3pm on a Monday? 3 others probably have class. Somebody is always left out, therefore having you to figure out how to grade each member.
Pro: If you get lucky, you could have a group of people you get along with, making the project kind of fun.
This rarely happens, but when it does, it's like a gift from the Heavens. You get a good grade and you enjoyed doing it? Even better.
Con: Usually one person does more work than the others.
This is pretty much a given. Everyone else is busy with their lives or with other classes, yet one person buckles down last minute and does the entire project by themselves.
Pro: Work can be done more quickly if jobs are delegated efficiently.
If you manage to get a good working group together (pretty rare), your work will probably get done pretty quickly.
Con: Not everyone can agree on one idea.
Somebody is more than likely to disagree, even if it's something as simple as the font of the writing, the color of the paper, or the subject you're working on. You'll probably have to change everything just to make them happy too, once again disappointing a different group member somehow. Moral of the story? Nobody wins.