I agree with Dale's points... I did the same thing owning and managing for others.

Pros -
* I sell what I want or what I think will sell well.
* I don't have to wait for another company to develop something. I have control over what goes in and doesn't (only others who have more say are my members).
* I can play with different marketing methods without asking for permission or have them used for other purposes.

Cons -
* The expenses of setting up a site aren't fun. Visa fees and probably MC fees some day soon.
* Finding stable models for exclusive content - getting a model to show up isn't always the easiest thing in the world.
* If something isn't selling well, figuring out what wrong (Not that this is a con, but it can be time consuming if you don't have time.)

There are tons more I'm sure but those are the first to come to mind for me.

My best,
Gary-Alan