Cons; many government employees are going to lose 20% of their pay (1 day's pay per week and it doesn't effect the law makers pay), services will be cut, longer lines at government offices, funding to schools and law enforcement and some medical facilities will be cut.
Pros; the American public can't blame either side because they are both at fault.
Cons: It makes automatic cuts for programs that shouldn't be cut. It's a meat cleaver approach that doesn't discriminate between good and bad.
Pros: Even at $85 billion, it represents only 2.2% of our budget and LORD knows, we have more fat in the budget than that. If anything, it's only a start to the cuts we need to make. It just need to be done in a more sensible, reasonable fashion and go after budgets that truly need cutting. BTW...did you know that the Pentagon has programs that they want to cut and Congress won't let them? Go figure.
The whole premise of the sequester, that overall govt spending should be cut, is wrong. Spending should be increased, since the private sector still is not investing enough to bring down unemployment (and the US can borrow at an inflation adjusted interest rate of zero). So another con of the sequester is that it takes money out of the economy when it needs it most.