Pros

• Has been around for a long time
• Lots of form elements to choose from

Cons

• Submissions aren't stored as entities
• Requires lots of Contrib modules
• Difficult to integrate with other modules
• Cannot edit entities using the web forms
• Drupal 8?

Pros

• Uses the entity API
• Use any provided field types for entities
• Integrates with other 'entity' based modules
• Entityform is fairly well established.

Cons

• Cannot edit (other) entities using the web forms
• You can only have one form for each bundle.
• Can't add custom markup to forms.

• Create and edit entities on form submission
• Use fields from multiple entities
• Build multiple forms for same entities
• Add blocks and custom html to forms/submissions