Pros:
Light and compact -- a light nylong sling, and I can carry the thing all day without knowing it's even there
Sleek -- stashes anywhere since it doesn't stick out all over
Shotgun-like pointing -- I've enjoyed shooting hand-thrown clays with mine
Fun -- With the right targets, it's a great
plinker, as far out as irons will let you shoot
Reliable -- I've NEVER had a misfeed or FTF, even with a broken part in the thing
Tolerant -- you don't have to "run it wet" or even keep it clean for it to work
Easy to strip and clean
Stainless steel inside and out
Cons:
Poor accuracy for a rifle -- They'll all be in the black at 100, but don't expect to hit the X ring predictably...
Hot barrel -- that SOB gets HOT, and FAST. You will burn your finger sooner or later, and plan on leaving the gun to cool, freqently, if you're plinking a lot.
Brass hunting -- Mini-14 Ranch Rifles especially throw the brass almost as far as they shoot the bullet. I believe there's a remedy for this, but I've never tried it.
Expensive ammo -- When I bought mine, top-notch American surplus Federal 5.56 was $2.99 per 20 rounds. Now it's not. See above -- due to the brass-chasing thing, and the accuracy, the Mini-14 isn't the handloader's choice.
It's a great utility carbine, but my .357 Magnum Marlin lever gun gets a lot more mileage lately.
That said, the stainless/Xytel Mini-14 is what I'd carry around if I actually carried a carbine. The Marlin's wood and blue isn't utilitarian -- it's just easy and cheap to reload for it.