Pros
A fast way to land a full-time teaching job with minimal training. The salary and benefits from the district are good. Also you get to meet some interesting people in your cohort. If you're able to jump through the hoops and cope with all the BS, you'll earn a teaching certificate. Once you pass the program, you have the option to earn a Masters from Hopkins in under a year.
Cons
Pre-service training in the summer is hell. It's a complete life-suck, and many people drop out or "fail" the training and can't teach for the district. If you do pass pre-service training, you're subject to a year of "ACE" observations and threats of not being recommended for a teaching certificate. The staff is young and inexperienced and incredibly inauthentic, sometimes even cult-like. Weekly 3-hour seminars during the school year are a total waste of time and are comprised mainly of BS "practice" teaching to fellow residents (as if that's an appropriate approximation of teaching children). Coaches by and large do not do enough to support residents and advocate on their behalf. Furthermore, both coaches, evaluators, and staff are outside the inner-city culture and refuse to seriously talk about the challenges of teaching in an urban district. If you ask any kind of serious or sincere question, all you'll get is a scripted response with a bunch of "Teach Like a Champion" jargon in it.