Another big pro is proximity to major shopping and transportation areas. For example my favorite restaurant for Dim Sum, New Port, is near by at Wolf and Homestead.
Cons are in the eye of the beholder. This neighborhood feeds into the Santa Clara school district which some people do not like as much as other districts, especially for High School.
Another issue is that many parents like the magnet program that stresses conceptual learning that is held at Lakewood Elementary. Any child in the sunnyvale School district is able to apply, but if you live in Sunnyvale in the Santa Clara school district you can not. It is not a major issue for everyone, but for some it is important.
Keller Williams Realty
Best of luck!