Pros
Reasonable hourly/salary compensation along with performance based bonuses. The goals aren't too lofty or irrational. Very Attainable. I work as part of a market that is based eight hours from where I live, so communication is critical. Outside of time difference issues (which are minute), it feels as though I can "walk over" aka call, text or email my boss and expect a response about as fast as an in person conversation. Lastly, the products that I'm responsible for were taught to me in a way that was very easy to learn thoroughly. Within 6 weeks, I became an ambassador for a product that I knew nothing about before.
Cons
Not many cons to speak of. The long distance does affect certain things. I feel it makes it easier to delay talks of promotion or pay raises. However, that is an issue at plenty of jobs that aren't long distance. At times when technology doesn't work how we want it to, it becomes difficult to properly report your work, but this is a rare occasion.