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Pros
Pro Tons of content
There are 12 classes to choose from, with a large world full of plenty of dungeons. There's also an expansion for $9 if you want more content. You can play as all 12 classes in one game, making all that content available to all players.
Pro Lots of customization
You can customize every aspect of your character. Your face is completely customizable with different hair, eye, ear, nose, and mouth styles. There are lots of wearables, including head, torso, legs, hands, feet, and accessory, and each item can also be customized with a custom coloring via a dyeing system.
Pro Great multiplayer support
Multiplayer in Fantasy Life lets you bring other players directly into the game and lets them fight in your party in real time, so you can co-operate to take down harder bosses, and strategize with different abilities.
Pro Good for casuals
The game doesn't overly punish you for dying, and it's possible to change your stats at a late stage in the game in case you make a mistake. It's also possible to master all the skills in the game, meaning you don't have to devote to just one. While it's not an MMORPG, it's a great introduction to the genre for new players.
Pro Many pets to choose from
The game features multiple styles of dogs, cats, birds, and dragons (expansion pack only) that can join your party, as well as horses for transportation.
Pro Lighthearted humor
The game features lots of dialog with a humorous take on the genre.
Cons
Con Fighting is pretty basic
Most combat consists of attacking and dodging, and using an occasional special move, although more variation can be introduced with more party members via AI or multiplayer.
Con Little variation in crafting
The various crafting classes all consist of basically the same mini game, with minor or no gameplay variation.