So, what are the Pro's and Cons of P2P networks??

NO SERVERS. That is probably the biggest pro that p2p networks have going for them. Data isnt being held on one central server distributing data to multiple people, rather if you download something in a p2p network, it comes from another member(s) of the networks' computer. This means you can download a ton of files, and not really have to worry about the servers ability to maintain multiple downloads, because in a p2p network its coming from different locations. One con is bandwidth. Depending on how many computers your computer is connecting to, it can slow down performance (because as a member you will be sharing information in your shared folders)