Recs.
Updated
Specs
Pros
Pro Long character creation creates a bond with your character
Spending a lot of time creating your character also helps with creating a bond with them. This way you will be more encouraged to keep them alive than going around doing dangerous things which would most likely end up killing them. Moreover, In depth character creation flushes out the back stories that enrich the role playing experience. Vampire also has a lengthy character building process for this reason.
Pro Character mortality
In GURPS, characters can be killed by a single blow to the head with a wood plank. For gamers seeking a more "realistic" level of mortality, GURPS is your game.
Cons
Con Long character creation
The lion's share of the work in GURPS is front-loaded: characters are built on points, pieced together with attributes, advantages, disadvantages, quirks, skills, powers, spells, cybernetics, and whatever else your game requires. Expect to spend easily an hour or more creating your character.