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Pros
Pro Best for learning the components, libraries and configurations of the whole system one-by-one
It is an opportunity for the learner to learn what's behind every piece of program in the system, because you will install and configure all the packages manually. It is also as an advantage to expand your knowledge by searching the possibilities of crafting your unique flavor, for example your own package manager and update schemes.
Cons
Con Takes a while to create the system. Only for those people who would like to create their very own distribution, or just to understand what makes a Linux system tick.
Linux From Scratch, requires the user to download and compile, all the various required system libraries and programs in a ch-rooted environment. This is usually done from within an existing and already running Linux system. This is not really a con, just a note to the new user.
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Flagged Pros + Cons
Pro Best for learning the components, libraries and configurations of the whole system one-by-one
It is an opportunity for the learner to learn what's behind every piece of program in the system, because you will install and configure all the packages manually. It is also as an advantage to expand your knowledge by searching the possibilities of crafting your unique flavor, for example your own package manager and update schemes.
Con Not recommended for Beginners
Some instructions in the LFS books are missing, so you should have a background with bash shell.