I’m running a p2pool (ftcpool.nl) mainly because its fun and educational.
Besides that it really looks like if there’s more coins to earn with p2pool…
Got this from coinaxis.com
P2Pool pros:
Decentralized
Less prone to attack
DDoS resistant
Hop proof
Zero pool fees
Control over your earnings
No counter party risk (If pool shutdown, or stole coins)
Healthier for the bitcoin & litecoin network
Can invite friends to join your pool
P2Pool cons:
Difficult to setup
Higher variance
Not asic friendly (this is getting better)
Central pool pros:
Easy to configure
Save mining earnings for higher lump sum payouts
Asic friendly
Central pool cons:
Centralized
Prone to DDoS attack
Counter party risk - Pool may shutdown, get hacked, or steal your coins