Pros
In a similar vein, entering a grad program could mean having access to advanced equipment on campus -- such as the astronomy lab, supercomputers, rare books, and even great minds. If you have the necessary education to qualify for a high-ranking position in your chosen industry, it means that you often have the option of not sitting behind a desk all day. You might go meet colleagues or clients, travel, or even play golf in the afternoon on a nice day.
Cons
In some cases, grad schools might not only waive your tuition but also give you a stipend for living expenses, in return for taking on the work of a teaching assistant or research assistant. Some programs, such as archaeology, require studying abroad for research purposes. For those who like to travel, this is a bonus.