We have a chinchilla. We used to have a whole chinchilla colony (seriously 16-20 chinchillas at a time.) We are down to just one. They need a big cage so they have lots of room to jump around. Avoid anything plastic. They will eat it and it will make them sick. Your best bet is a metal cage with wooden shelves. We've had to customize our store-bought cages with wooden shelves, as most come with plastic shelves.
Chinchillas are naturally stand-offish when it comes to humans. Try to get one who is young and hold it on a daily basis. If they get used to being held, they will let you hold them and play with them. If you just leave it in the cage all day, it won't play with you. I actually recommend getting 2 chinchillas (of the same sex unless you're trying to start your own chinchilla colony). When we got our first chinchilla, he used to make the most pitiful squeeky/crying sounds at night. I think he missed his family.
You asked for pros and cons. The pros: they are easy to maintain. You can fill the food bowl every-other day; fill the water bottle every 5-6 days; change the little once per week. If you change the litter regularly and bathe your chinchilla daily they don't give off an odor. And by "bathe" I mean put a bowl of dust in the cage for them to roll around in. They take dust baths. A fish bowl works well for this.
The cons: They are fast. So if you let him out of the cage and he gets away from you, you might have a heck of a time catching him. They like to chew everything. Again, in the cage this should be fine. Outside the cage this could be a problem. The dust from their bath tends to get everywhere. So plan to dust around the cage daily. Or, just do what we do and let the dust layer build up for a week.
One last thing - chinchillas can live up to 20 years. So be sure you are OK with a long-term commitment. Our first chinchilla lived to the ripe old age of 16. If you have any specific questions let me know.