Pros
Tenure professors are always willing to talk and listen if you make the time for them. They are very busy (i.e.. overworked), yet are still willing to make sure that you met the goals that you set out for yourself in the program. They have also recently unionized, which hopefully will help the program keep its core values in the face of recent state legislation. Out of all the departments on campus, the Psychology department is arguably the most diverse and most accepting of everyone from all walks of life.
Cons
Despite getting most of your tuition bills covered (95% plus some fees for me), as one of the few terminal degrees on campus, we are probably payed the lowest. Expect to have roommates, and maybe take out some loans to make ends meet. I know some of my peers have kids during their time in the program, but are only able to afford it because they have a partner working full time. If you are coming from a rather blue or urban area of the country, expect some culture shock in Oxford. While the department (and arguably the campus in some regards) itself is effectively a safe place to express yourself, it's a blue island in a red sea of corn fields. Lets just say my mentor risked driving backwards down a hill when his car stalled out to get back to campus rather than walk down a local's driveway to knock on the door for help.