as someone who has owned sites, and managed other peoples sites, id say owning is great. sure there are a lot of hassles, but the end reward is good.

the pros are simple - your own site to promote, means you arent sending your traffic to someone else, and u can make more $$ if u run it right.

cons are tough... expensive to start & run, customer service is a bitch, govt is getting tough, etc..

easiest i would say is keeping members happy. assuming u actually try, unlike most large programs. hardest... getting traffic i think.