pros:
apartments tend to be fairly spacious
large windows, nice views since no other tall buildings around
cheap

cons:
yuck.
unfriendly management, never in the office to receive packages/never there if you want to pick up a package
stairwells STINK and the halls aren't much better
you'd think with plaster walls at least it would be quiet, but nope
constant problems, including heat going out during the coldest part of the winter, hot water out often
old wiring, electricity goes out if you use more than one appliance
people smoke in common areas
elevator broken often
the laundry room is scary and often flooded
left a piece of furniture in the hall for a few minutes as i was moving out and it was stolen
neighborhood still somewhat sketchy though gentrifying

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