Pro's: Well-run race, great volunteers, plenty of ice at the waterstops on the run. Swim route that takes you into the canal in the middle of the Woodlands for the last 800m or so is cool! Easy access to hotels near the race location from the Airport.
Cons: It's hot, damn hot, real HOT!!; Bit of a schlep to get from the finish line to T2 to get your bike (but this is a minor flaw).
That said, if your schedule demands a spring IM, this isn't a bad one to do.