From what I hear:
pros: living in the dorm is super affordable and makes it easy with parking (if you've never been to campus during the school year, just know it's a BUSY/PACKED place!! I honestly avoid driving through the city, and opt to go around it, during certain hours.
cons: if you like to live alone, you're most likely going to have roommates. The university likes to reserve the dorms/apartments for first year/some second year students (and they're not guaranteed), after that they like you to find your own outside living situation.
I already live off campus in Redlands and will just make it work with commuting to school. Be advised though that rent can be expensive near the school, though there are plenty of great deals around! Try checking the LLU trading post for ads:
http://www.llu.edu/news/trading-post/index.page