Pros: Easy to steer.
Easily fits a toddler.
Cons: Can't get to storage when seat is reclined.
Rather big & awkward when folded up.
We decided to splurge and buy the Chicco Cortina Travel System when we got pregnant with our first child in 2007. It was expensive, but after trying it out in the store, we decided to buy it. It has been well used by our oldest son for over 2 years, and now our 6 month old is getting use out of it as well.
Stroller - It's easy to maneuver, we've taken it all over, especially to Disney. We often change diapers there in the stroller, just pull off to a quiet area, put down the seat and get rid of the dirty diaper. Both sons have also slept well in it many times. It has plenty of space for carrying necessities.
Our only real arguements, would be that (1) you can't get the diaper bad out of the storage underneath when the child is lying down. So when he falls asleep, it takes some effort to push the seat up slightly so that you can get stuff out of the storage without waking the little one. (2) It also doesn't fold up very small, so on our trips to Disney, trying to get the stroller onto the trams and buses took some extra effort. And it can be rather difficult to move around once it's folded up, it will stand up on it's own, if you sit it up just right.
We have used it for over 2 years now, and even our 2 year old likes riding in it, when his little brother isn't in it. He's pretty big for his age, weighs 30 lbs, and it still rides as smooth as when his little brother is in there. There are some neat aspects to it. The seat belt can be 5 point harness strap, or 3. The canopy on the back removes to allow air to flow on hot days. Also, the tray on the front comes all the way off. The leg support is adjustable on it, when my younger son falls asleep, his legs will hang awkwardly off the end of the stroller, but just pull the leg support up, and he lays straight.
Car seat - It works well when they are little. It doesn't last past 3 or 4 months for our boys, due to their size. It is heavy, although we don't have much experience with other carriers. The handle is also a little awkward to hold when standing up, if it were one of the z-shaped handles, I think it would be more comfortable.
We are looking into getting a double stroller now, and since we've been so happy with the Chicco brand, we're planning to get a Chicco double as well.