Pros: AMD processors are very affordable. If you are on a tight budget, AMD could be for you.
Cons: If you are very nitpicky on your Frames per second rate, you would have a hard time with an AMD processor.
On applications(demanding stuff like multitasking, and render stuff)
Pros of AMD: The FX 8320/50 CPU is excellent for multitasking, the performance, for example, on rendering a video, a FX-8320/50 gets all cores usually fully utilized, which makes it a very strong contender against an Intel i5. So for these type of things, AMD is really strong and doesn't cost nearly as much.
Cons of AMD: You usually wouldn't have IPC problems with light applications, unless it's something that should run on 1-2 cores. If you have an application that should run on two cores, just get yourself an i5.
A lot of things have probably changed now with their processors so I can't comment about that.