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Pros
Pro Plenty to do besides the Northern Lights
While the city is a great place to see the lights, it also has plenty more to offer so you can really pack your trip full of fun excursions. You can see filming locations of Game Of Thrones, go to the geothermal spa, or check out the Phallological Museum.
Pro Lots of options for tours
Because Reykjavik is such a popular destination to see the Northern Lights, there are a variety of options available for Northern Light tours.
Pro Very accessible
Due to the increasing popularity of Reykjavik as a tourist destination, there are frequent (and affordable) flights to the city.
Cons
Con Expensive food and accommodations
Though the flight to Iceland is generally cheap, the expenses there tend to be quite high.