I love this thread!
We live on the Monaro, south east NSW Australia.
Cons;
nearest shops are around a 30 to 60 min drive away, depending whether the river near us is up or not.

I can't really think of any more.
Pros;
The biggest one first, is we are in one of the places least likely to get bush fires.
It is a safe area, we can pretty much do what we want without worrying about other people.
There are some great dust roads! (great fun going to town)
There is a river on one end of our land, which even in draughts never dries up.
I can properly think of some more pros and cons, but that us a start.