The enjoyment of being by the water and the recreation / food / opportunity it brings.
CONS - PRICE PRICE PRICE, when purchasing.
Building codes, restrictions, lot size, etc.
TAXES TAXES TAXES
Lakefront property should be looked at as an investment. If you don't have waterfront access, you should look at other avenues, as these property values DO NOT jump. One must also consider lake activity when making an offer. A lot of property out there right now because of the economy, and because many families cannot afford to pay the taxes and upkeep required for many lake homes.
Contact me if you have further questions.