I'm going with Jaizee and I'm gonna add that you can't go natural until you're ready. I wanted to go natural in 2005 but I didn't because I wasn't ready. In 2006 I was (I'd had enough of the trials and tribulations of the salon, the products, the lack of control over my own hair etc) and so I went natural. Even if you like the list of pros for natural hair you can't force or coerce this decision on yourself. You have to wait til it's time.
Now having said that here's the pros and cons
Relaxed
PROS
Your hair hangs and swangs lol
You can always see the true length
You can run your fingers through it
CONS
(perhaps) You always gotta go to the salon to get it styled/cut/relaxed etc
After 2 weeks of fun you gotta start battling with the new growth to prevent breakage
Your hair is weakened by the process so you gotta spend all day (air dry or no air dry) atleast once a week giving it good love so it stays strong
Natural
PROS
You can style your hair yourself, and even if you can't be bothered you can throw water on it and leave (white girl style)
You can cut your own hair and it don't have to be even cos no one can tell anyway
IMO Everyone can look good with shorter natural hair (maybe is because it's sposed to be like that)
You get to smile and nod/wink/shake hands with other naturals you see cos u representin
You can lox your hair for a couple of years, take them down and actually still have hair
Your hair is stronger and you dont' really need protein anymore
You can straighten your hair if you feel like a change
You can wash your hair everyday and not really worry about drying it or drying it straight
You can be more daring with hair colour without worrying about double processing
You don't have to cry and drop down to your knees to pray to God to stop the madness just cos it's raining outside lol
CONS
It takes time to get to know your natural hair
It takes time to detangle your natural hair
You can't run your fingers through it
It can get smooshed whilst undertaking various activities
(but then you can throw water on it and it's all okay)
The true length doesn't show unless it's straightened
It REALLY REALLY needs moisture
It may not "turn out" to be the natural hair you wanted/thought you had
There are a million more but those are the ones that come to mind =)