Pros/Cons? Well, it's like going into a dealership and picking your color. What's pleasing to your eyes and what gives you more options. Somepeople don't like opening the hood much so IE would be choice 1. But's it's very service needy (updates) and people like to pick it apart. It still works well for what it does and for now, is the standard for HTML viewing online meaning you'll have less problems viewing your webpages vs FF. FF is cool and has lots of plug ins so if you like to tinker, FF is your boy. I have had some websites I visit not display correctly with FF so I just open up IE, past the URL and tada.
I use Firefox pretty much exclusively. I find it is more reliable and crashes less. My wife and I leave our computers on all the time. I can walk up to my computer hours later and pick up surfing where I left off. 9 0ut of 10 times if I go up to my wifes computer there is an error message that explorer needs to be restarted. We will have the same result running both browsers on the same machine also. Explorer crashes , Firefox is still going strong.
I also recommend Thunderbird as an alternative email editor. Both programs are customizable also. Add what you want and remove what you don't.