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By signing and encrypting your emails, you can be sure that the information will not be readable with any third party.
Specs
Pros
Pro Code available for audit
The original version of PGP is no longer freeware since it was aquired by Symantec, but the source code can still be downloaded for peer review.
Pro Many implementations available
PGP is a protocol and not an application per se. It offers a standard on which applications can implement to offer full encryption.
Pro No need to exchange private keys
PGP uses asymmetric encryption. One user generates 2 keys - private and public. Another user uses the public key to encrypt the message that can then be decrypted only using first users's private key.
Cons
Con Can be daunting to set up
If your email client doesn't support PGP encryption, decrypting e-mails ca be dauting, especially if you want to stay away from command line.
Con Your contacts also need PGP
It's difficult to make all your contacts use PGP. Not everyone is 'privacy focused' and willing to learn/implement PGP.
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