Pros
I was drawn to AmeriCorps as a unique opportunity to get work experience in the field I care about. I found the application process to be much less competitive than "real" entry-level jobs, which I think is a huge pro. Instead of being an administrative assistant or intern at a non-profit, I get to be in charge of a program and work directly with clients every day. My AmeriCorps group has very interesting, smart, and caring individuals - as I'm sure is typical in AmeriCorps groups across the country. My personal experience at my host site, a refugee agency in Indianapolis, has been special and has taught me a lot.
Cons
The biggest con of the AmeriCorps experience is obviously the stipend. Even in Indianapolis, where housing is pretty afforadable, it's hard to fulfill living expenses with the stipend alone. Everyone I know in AmeriCorps is either living with their family/ friends for free, working a part-time job, or living in an undesirable setting so they can afford it (like renting a room in a family's home). It's hard to work 40+ hours a week and, in general, to consistently work hard when you get such small compensation. Beyond the compensation, AmeriCorps members are weird in that you aren't an employee/ staff member, so you aren't treated as well as or respected as much as one. Some people will treat you like an intern.