I applied ED this cycle, although many people had strong opinions both ways about it. Ultimately it comes down to if you are competitive for the school and if this school is the top choice on where you truly want to be the next 4 years. In addition, other reasons people apply ED is for strong school/community ties and family in the area.
The most important thing to do if you are considering ED is to talk to the schools dean of admissions or someone similar before you apply. He/She can give you a good indication if number 1 you're competitive and 2 if you have compelling reasons to go ahead and do ED.
Pros: Save money, time, stress (debatable because you're risking alot) and possibly have a very small leg up on other applicants (debatable)
Cons: You risk getting waitlisted or rejected, possibly having to reapply after October 1 or take a year off