I think one of the biggest pros is you can preset the drag so you know exactly how many lbs of drag you are using in the strike position and while fighting the fish. They are also a great if you do any live bait fishing. They are easier to use for a beginner fisherman, they are not always hitting the star drag while they are fishing and backing it off during the fight.

I have also noticed that they get salted up more than my star drags and can get real sensitive if not properly maintained. Another drawback is the lever drag is a little more complicated to rebuil and a touch more expensive.

Personally I believe that a lever drag is the way to go, more positives than negatives. My two favorite reals I own are a Penn International 975 lever drag and an Accurate Boss 270 lever drag.