Pros of owning a Peekapoo include their loyal and loving nature, excellent lap dog qualities, compatibility with kids and other pets when socialized early, intelligence with ease of training, adaptability to apartment living, and low-shedding coats. Cons include their suspicion of strangers, tendency toward separation anxiety if left alone too long, vocal nature acting as small watchdogs, vulnerability due to their small size, need for regular grooming, expense in purchase and maintenance, and possible domineering behavior without proper training.