Pros: You can earn miles through lots of activities.
Cons: Miles can expire, and you need at least 25,000 for a free flight.
Overall, I found it easier to get more miles for items other than just flights than some other rewards programs, such as Northwest Airlines Worldperks, Delta Sky Miles, and United Airlines Frequent Flyer Program. By items, I mean stuff you can buy through retail shops, financial services, and utililties (such as cell phone services and cable services). They reward more miles per purchase when you shop, and have more merchants to choose from. Their Mastercard also gives you one mile per dollar spent everyday and lets you get a bonus of 20,000 miles when you sign up for the card.
Like any frequent flyer program, you need to have at least 25,000 miles in order to get a reward flight within the continental US, but for peak-flights, such as Christmas-time, you often need 35,000 to 50,000 miles in order to get a free flight within the Continental United States. You can also use your AA Advantage miles in order to redeem flights that fly out of small airports. I've redeemed two flights for 25,000 miles each, and both were wholly within the continental United States and that fly out of a small airport with one terminal and eight gates. One of those flights was during Memorial Day weekend, but I had to book the trip three months early in order to do this.