Pros
Okay here's the deal with Equinox - you CAN make a lot of money, but you're basically not going to have a life and you're going to be there 24/7. In terms of pros, all the gyms are amazing, and the free gym membership is awesome - if you have time to use it. I do love all my staff and I actually really like my mangers, but again this depends varies from gym to gym. I guess another pro is that you can make great connections - if you can even use them.
Cons
I'm not kidding when I say it reminds me a lot of a cult. You get ridiculed when you're not there, and they get insulted if you just need some personal time. As the other posts have said, you basically have no life. I will say this: I guess if you're a bodybuilder or fitness model this may be a pro, as you're at the gym all hours of the day, but for the other 99% of people you'll forget what it's like to be outside.