Pros:

• Text is sharper, cleaner, and easier to read.
• Text prints cleaner.
• Search engine friendly.
• Quicker to make revisions.

Cons:

• Type size may vary due to viewers' personal browser settings.
• Leading and type size also varies by platform.
• This will cause text to wrap differently on different computers, so this must be considered when constructing pages.
• Limited to basic serif (usually Times) and sans serif (Arial or Helvetica) type styles. Only interest comes from creative use of spacing, size, and bold and italics.

Pros:

• Type does not vary by size, spacing, or anything else, regardless of which platform or browser. Does not wrap differently, since it is no longer text--now a stationary image.
• Not limited to any type style, you can use whatever font you like and it will always look the same.

Cons:

• Search engines can't see your type--other workarounds must be used.
• Will not print clearly, because of the low resolution.
• Takes a little more work to make revisions to pages.