Pros
You learn great organizational skills in the context of being a waiter. You can learn about wine and food. They feed you, but they take it out of your pay. Its fun when its not crazily stressful, and your part of a great New Orleans tradition.
Cons
Takes over you life, which is alright except it means that the only context you can hang out with people is while drinking after work which sounds fun, but gets old. Once it replaces other parts of your life it can be very difficult to leave. You also have to deal with people who are as at the bottom of the food chain as you are, which is alright since you learn patience. The stress is kind of a part of the experience, but I've seen grown people break down and cry from the hours and the pressure and the gossip in the dish room.