Pros:
Lower down payment (3% I think)
Easier to qualify for
Cons:
Higher down payment
PMI is required (though this will probably be required of any lender)
FHA has a higher threshold on the home inspection/appraisal
Fewer loan options (no 5/1 or 7/1 arms)
My advice is to get approved for both kinds. Then you can make a decision based on your situation. When I bought a house, the seller did not want to sell to an FHA loan, due to a defect in the house. It was no big deal to us, but it was a big deal to the FHA people. So we went with a conventional loan.