What are the pros and cons of using iTunes to manage my iPod?
Pros: All works. Easy to use. Easy to Configure. Does Backups of your data. Allows iTS purchases. Handles everything for you. And every other iTunes feature that you might consider important (AirTunes for example).

Cons: iTunes might be a “heavy” application for some machines with limited RAM. Even if all you want is a music player, iTunes is all or nothing.