Pros
Excellent way to gain professional experience if you're interested in a career in international development/relations. As opposed to teaching with a private school abroad, Peace Corps covers ALL of your medical costs and flights expenses. The general advantage of working for the federal government is that you have support if there's ever an emergency (if there's ever a pandemic, natural disaster, or political upheaval, you will be safely evacuated). Also, it's a good way to learn a new language and immerse yourself into a new culture, as site placements are often in remote regions and not big cities. Your counterpart will be a host country national, meaning you'll be forced to speak in your new language every day.
Cons
This is not for people who like living large. You receive a very modest living allowance and there are lots of rules that are pretty understandable. There are many volunteers who think of Peace Corps service as a 2 year international vacation - don't make this mistake. If you are caught driving a motorcycle, buying or doing drugs, traveling to restricted zones, or doing anything illegal, you will be swiftly removed from your host country. This isn't really a con for those who take service seriously - but I'm naming that it is something to be considered. Outside of that, Peace Corps has faced a number of challenges with the new administration.