I have a friend whose sole income is an online job. He loves it because it gives him freedom to set his own schedule. He can travel when he wants, go out when he wants, sleep when he wants. On the other hand...its often hit or miss with business. Its either booming...or non exsistant.
Pros: Flexible hours. You don't spend money on gas to get to work. You can do other things while working. Its not so time consuming.
Cons: You have to have a computer at all times. You have to have Internet at all times. It might prevent you from going out.