PROS
Usually cheaper than the civilian model
Regular servicing
White - which not everyone likes - but definitely more visible (safer)
Usually has some additional accessories - crash bars, light mounts, police switches
CONS
Higher mileage on average
Single seat and costs on average $1,000 to convert
Hole in side fairing and maybe others
Lower resale value - Not everyone wants an ex-police bike (they think it may have been thrashed)
I personally think they are great however I'm bias
A.