Pros

• get in a lot of reading
• catch up on missed shows
• do homework (if you're feeling adventurous)
• the best ideas occur at night

Cons

• it fucks with your sleeping pattern
• by 1:30-2 o'clock you're starving
• the world doesn't stop when you finally fall asleep
• you miss out on valuable daylight (especially between november-march)
• people may start believing you are just a mythical creature that dwells in the depths of the basement
• you have too much time on your hands and make ridiculous lists at the wee hours of the night (this may be a pro)