It's kind of hard to do something comprehensive for Israel as there are many areas and in a sense they are very much intertwined, some of them at least. I'm sure others will chime in...
This is general not specific to any area in particular.
Pro's:
Healthcare- 120 nis per month to Bituach Luemi - national insurance...plus optional add ons for higher insurance coverage. one common add on is 'adif' on the muechedet carrier which costs and extra 80nis or so for a couple
Transportation:
Nice bus system in jerusalem, train system is pretty good to depending on where you travel, price is relatively inexpensive as well
Food Shopping:
its nice having a local makolet around the corner to run out to when in need of something especially when they are open until/past midnight
Environment:
depends on where you live, but its nice to have the streets close down on shabbos and the sirens and music etc
Culture:
once you get the hang of it, its nice to live in a country where you can always work around a solution to a problem with some connection or back and forth.
slightly OT but the other day i had a meeting on some moshav where they had this large tract of land that looked like a farm and it had a building/office of a major construction company and a tropical fish factory next to it - totally random considering they shared the office.
he dismissed and related jokingly - but said the truth is - the land was given to the moshav way back when for farming purposes only...so yes, they maintain a small fish operation as a hobby, and get away running a construction company off the land.
Cons:
Shopping:
the malls can leave much to be desired and are overpriced and can be packed beyond belief
Travel: unless you travel to the eu, travel can be tiring and expensive unless of course you frequent ddf