Hard to say what the pros and cons are for you, since you have given so little info on what type of material your working with, your skill level, budget, etc.
Try the search function, you should get a few results. This has been asked many, many times, and is a much better way to evaluate whats best for you.
Also look in the art of edit forum, which doesn't have a built in FCP bias.
I have a system, it has stuff in it, and stuff hooked to it. I have a camera, it can record stuff. I read the manuals, and know how to use this stuff and lots of other stuff too.
You should be suitably impressed...
What do you mean "to cut drama?" Scripted? Reality? Home Video? Broadcast? Film? You a one man band or will you need to output to an audio Post mix? I could go on and on, but you get the idea.
FCP, Avid, Quantel, Premiere, they all work. They all work almost equally as well. What's your budget? Of course what you're shooting on also comes into play. FCP 7 doesn't cut with a lot of digital formats natively forcing you to convert to ProRes or other codec for editing in the software.
Me, I've been editing with FCP for about 10 years but am strongly leaning towards moving to Avid only because I don't think FCP X will be able to suit our needs with workflows to / from ProTools and other post houses. Of course this remains to be seen for real when X is released, but from all the information I'm getting from folks who know, it doesn't sound like it will. Here's hoping Apple changes its mind.
And folks tell me "oh well FCP 7 will still work." Yes, it will still work as inefficiently as it does right now with digital codecs such as H.264 unless Apple throws an update at that software for native digital workflows. To give you an example, I spent three days converting GoPro camera footage to edit into a documentary. Three days, tying up one computer system doing nothing but converting. Not exactly an efficient workflow.
Walter Biscardi, Jr.
Editor, Colorist, Director, Writer, Consultant, Author, Chef. HD Post and Production Biscardi Creative Media
FCP's number one con when cutting drama is would be it's trim functionality. Avid has more sophisticated trim windows that help make finding perfect cut points between different angles easier and more precise.
I use both FCP and Avid, and it's rare that either one has any particular advantage over the other for me while actually editing. You could say that those two have the advantage for me that I know them well enough that I don't have to think about them when I'm cutting so I can concentrate on thinking about the pictures and sound.
The differences are usually in the way they interact with other aspects of the job that tends to makes one slightly better than the other, which may be as simple as I'm feeding sequences into a formatted show and the mastering is done at a certain facility using X (so it's better to be supplying in the same software) or there's a workflow which has been devised where software Y fits into the plan better. (For the money, FCS is hard to beat if you're doing everything in the one box, but that's fairly unusual for me.)