Pros:
Carbs are much easier to adjust, and especially to get more power out of. Cheap to fix, rebuild and easy to trouble shoot.

Fuel Inj. is more precise, less pollution as the computer is constantly changing air fuel ratio to optimum. More fuel efficient as well.

Cons:
Carbs aren't very efficient, they can't make changes on the fly like fuel inj. can.

Fuel Inj. needs a much higher fuel pressure, which makes line routing and integrity very important. The injectors themselves have small orifices, which can be easily clogged by crud passing filter or scale build up. Fuel injection is expensive, and so is testing or replacing components.

... and fuel injection will not keep your car running if you flip it, as your gas tank siphon is mounted on the bottom of the tank,.