Pro's:
- All paid fares earn mileage.
- Excellent bonus for paid tickets bought online with Emirates (Specially in F).
- Good ratio for earning and burning (Specially on short haul upgrades).
- Good benefits for Gold/Silver (Including their bonus).
- Somewhat good availability for reward bookings across their network.
- 10% discount for online reward booking.
- No blackout periods.
- No fuel surcharges on reward bookings (unlike BA, MH, QF etc.)
- Changes to travel dates back and forward can be made without penalty even on discount Economy (unlike most airilnes).
- All premium services are included for F/J, including limo service, access to lounge (unlike VS).
- Refund of miles in case the reward (upgrade) is not used.
- Refund of miles in case of reward is not used (minus $50USD).
- Good offers from time to time, like 50% discounts, or tens of thousands of points for buying a mobile (though a bit restrictive/region specific).
- Earning of miles on purchases through affiliated credit cards (in the UAE only).
- Possibility to top up miles and gift, up to 25000 per year without restrctions (unlike QF restricting the amont to %15 of an award value).

Con's:
- Bad reward availability for flights downunder -to Oz (or up n over, depending on how you see it). Sometimes seats are cleared the day before.
- The less-than-a-year-old rule restricting reward bookings to availability on fare buckets C and A.
- Online booking system has a mind of its own.
- Only 20% family bonus (EY has 100%).
- Tier miles are to be accured within the same calender year, and not on rolling basis.
- Expiry of miles every 3 years (unlike many like GF, QF, no expiry as long there is activity on the account).
- Can not transfer my AMEX points to Skywards

Feel free to add to the list.

Overall I think EK has one of the best reward programs out there; if they ever decide to drop the bonus for online booking it would lose its value, however.