Pros: Slightly less visible than mono and much less visible than braid; more abrasion resistant; more dense which helps in sink rate as well as getting crankbaits slightly deeper; another advantage from the density mentioned here is sensitivity is higher especially on a slack line.
Cons: More expensive; slightly stiffer (depending on brand); loses strength quicker when nicked.
Overall I think it's better, especially for certain situations. I use Berkley Professional Grade Fluorocarbon and I've had zero issues with knot strength, line memory, or knot problems. You'll want to make sure you check your line frequently because as stated, fluoro seems too lose it's strength a little quicker when beat up, but at the same time it's tougher to beat up so that kind of balances out. Since I started using it, I've switched almost exclusively to fluoro because I believe it's better. I think you should go ahead and give it a shot!