We've had it for a few years now. The disney reward dollars has been the biggest perk. For every $100 you charge, you get $1 disney dollars. That you can spend in the parks.
You also get the Meet and Greet over at DCA. In the past it was meeting with Goofy and Mickey, or Chip and Dale. Although I hear they changed Goofy and Mickey now. You get a free 5x7 picture from the meet and greet.
There is also the free stroller rental, and I believe discounts on shopping (we also had an AP on our last trip so didn't use it for that).
It's been worth it. I wouldn't say there is really any cons, other then it being another credit card bill. LOL