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Pros

1. Easy to install: Most of the network cameras on the market are plug and play and/or have very simple to follow instructions for both the hardware and software end.
2. Comparatively cheaper than other security systems: Instead of paying a highly trained technician to install a complex CCTV system, and pay him on an ongoing maintenance arrangement- you can have a network camera security system that can stand on it’s own against CCTV and traditional security systems.
3. Works with your existing computer network: If you already have a home network, then the network camera works with your settings, so you don’t need to pay more for the proper security infrastructure.
4. Provides peace of mind: watch your home, watch your childs room, watch your vacation home, watch your pets while you are on vacation, etc
5. See remote areas: as far away as across the globe, or your own front porch from a centralized area. Can even remotely view your children at the nursery (depending on the nurseries policies though this is becoming more standard)
6. Flexibility: Prefer not to be tethered to the security control panel or hire a full time security professional to monitor things, then get security alerts which you can view from cell phone, laptop, or PDA device, and provide multiple users access to the various security assets.
7. Receive alerts via email when detects motion, either when someone visits your home, or when your children leave home to hang out.

Cons

1. May have poor image quality depending on model and configuration, and wireless cameras in general have poorer image quality on the lower to mid range.
2. For more bells and whistles, like sound recording, scheduled emails, and motion capture, it varies greatly from model and software description.
3. Generally, outdoor surveillance equipment is more costly, especially if you want the ability to remotely pan/tilt, zoom in, zoom out, and want a waterproof camera. However for a home system this is probably not as urgent as opposed to for a business situation.
4. Drains computer network resources, so if you don’t have a speedy computer, then there’s a chance of a slight slow down in your collective resources.

Remember that despite the cons, the benefits outweigh them as they provide great security results at a lower installation and maintenance cost than traditional Closed Circuit Television systems.