Seeing how no one else wants to answer your question. I will give you two minutes of my time instead of wasting it telling you to search. Here ya go
Pros:
280 FWHP out of the box
High Revving
Strong Bottom end (supports around 600 ponies/maybe more...still being pushed)
Metal Head gasket
Easy swap with minor mechanical knowledge and mediocre electrical knowledge (not an rb26 in a corolla ya know?)
Easy to source with lots of help available
Whippin 7m ass
just kidding you die hard 7m nuts.
Cons:
Replacement parts are not 100% available (although they share many components with the later model 2jz)
Semi-Costly to do the swap 100% correctly
Electrical understanding helps with swap (schematics/diagram reading, Volt testing, Diagnostics and trouble shooting)
Feel free to add. This is just a little bit of it.
Total time 2 minutes and 46 seconds.