I did Clomid/Bravelle/Ovidrel and timed intercourse for two cycles before I had to stop due to a persistent cyst (which ultimately had to be removed with a laparoscopy). I'll be starting it back up again in August. I ovulate regularly, but because of my age and the fact that my right tube may be blocked, my RE put me on the drugs to get me to produce more eggs to give me more of a chance each cycle.
My cycles were monitored. I had a baseline ultrasound on CD3 to get a antral follicle count and an ultrasound on CD13 to get a count of the mature follicles. I took 100mg clomid on CD3-7, 150mg of Bravelle on CD9, and the Ovidrel on CD13.
I got side effects on Clomid, which started around CD6-7. I had migraines, CM dried up, and nausea. They only lasted a day or two.
I got a really good response and had two follicles on my first round and three on my second. Both cycles ended in bfn's. After my lap it was discovered that I had a paratubal cyst which was interfering with my fallopian tube and a uterine polyp, which may have been preventing ovulation. Now that both of these have been corrected, I'm hoping I'll have better success when I try again in two months.
As for pros and cons, the pros are that it can help women ovulate who don't regularly. It can also help women who do ovulate regularly by helping to produce more mature eggs each cycle for more of a chance each month. Also, clomid is really cheap.
The cons are the side effects and the increased chance of multiple (which for many of us IF'ers is not necessarily a con). There is also a chance of OHSS, especially if not monitored. Also, clomid tends to thin the lining with long term use.
HTH.