DAW pros
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1. Editing is WAAAAAAAY better and easier and more advanced
2. Having access to instruments that would if they were hardware synths and effects and actual band instruments.....it would cost you...on let's say....a gazillion dollars.
3. Lots and lots and lots of storage. A gazillion sounds saved. a gazillion songs saved. Never lose data ever again as long as you use common sense.
4. Unlimited tracks........or 48 tracks.....still a lot of tracks.
DAW cons
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1. Staring at a computer screen. It may not seem like a con......it can be at times.
2. Having a ragidy computer.......then your DAW is no good. Nothing worse that a system hiccuping and studdering and all of that wait time looking at a frozen
arrow, control + alt + deleting after an hour of wishing you had of saved that last thing you did before your computer acted up.
Hardware pros
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1. Way more fun. You are pretty much limited and will force you to find your own personal way of doing things. No short cuts, you are going to learn....which is good for you anyway.
2. Even though you will have less tracks (unless you some rich guy who can afford more than 24 tracks of audio) you will find a way to make every bit of those 24 tracks work. You will be way more organized than having a computer DAW.....because you have no choice. A person with a DAW have tracks all over the place....they move fast. Faster is not always better.
3. Having vintage gear like "yes....yes that is a Moog.....a real one...." You are the man..you have gear collected as if they were muscle cars...and not just some toys on a computer.
4. Your studio looks like.......a studio. Not a bedroom studio full of toys.....but a real one. A bunch of gadgets everywhere. Wheels on your chair rolling from hear to there messing with stuff. You will sweat a little with a hardware set up.
Hardware cons
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1.Staring at a tiny screen.....maybe no screen at all or some green fonted primitive looking screen...or even an overly colorful 2 in squared screen. lol!
2. Cost more money.