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I've been a Premium subscriber for a long time now - maybe 1.5 years? The benefits are obvious - you can listen to just about anything at any time. As hometeam mentioned, as long as your phone has a decent amount of space, you can cache all of your playlists offline, so you don't need to use the data connection (and you can if you want to listen to a song you don't have downloaded).
Cons are just that you're spending a monthly fee rather than buying new music with that money, so there's always the chance that you'll eventually change your mind and regret that you hadn't been buying music that whole time. There are also a handful of bands that aren't on there, and that's annoying. Other than that, I love it.
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