I was a chef for a number of years and no longer am. I'll attempt to give an unbiased run down of the pros and cons in that order.
Pros
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Always impresses a lady when you can cook.
Generally don't have to work mornings
Being Creative is fun and designing menus and specials is creative.
Environment - the people in restaurants are generally perpetual teenagers which makes it a fun place to work.
Parties - I've never met anyone that can party like kitchen people
Cons
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You're giving up weekends and holidays for the rest of your life
The pay scale isn't that great unless you reach a pinacle in the field
The heat, especially in the summer, can be unbearable.
You, your car, the room where you keep your dirty clothes will stink - unless you like the smell of rancid greece.
Once, I was too tired to have sex.
Unpredictable hours - you know you'll be home sometime between 10 and midnight.
Split Shifts
Long Shifts
Working hungry - nothing sucks like cooking food and not having the time to eat.