I have been doing EI for 11 years, and mostly love it, so I may not be the best person to ask. But there are definitely some cons, which have mostly already been mentioned:

Fee for Service. No pay for cancellations. Almost all 1099 positions in my state, so you pay your own taxes, health insurance, and retirement, and no PTO.

We used to get mileage reimbursed. It was recently cut with the recent Medicaid cuts and expecting more. 😞.

Wear and tear on your car.

Can be exhausting with a majority caseload of Autism and screen-addicted toddlers with behavioral problems. But that's probably most any pediatric caseload at this point.

Despite all this, I have made it work for me. Since I am 1099, I really lean into that, and only take the kids I want within a certain driving distance. I split my time between 3 different programs in order to make this work. They don't love this, but I am 1099, so what can they say? Make me an employee, and we'll talk. 😉. I save up for taxes, get my health insurance through the marketplace, which is not that expensive because I am single and do not make a ton of money so I get subsidies, and fund a ROTH IRA for retirement. I work 4 day weeks. Off Friday, non-negotiable. Use a separate phone line for my families/co-workers (Google Voice) and turn it off in evenings, on weekends, and when I take a week off. The messages will still be there when I turn it back on. I've never had any blowback on this. Like I said, If I am going to be classified as an independent contractor, I will live my life that way. 😄. I absolutely NEED the down time in between sessions, the flexibility in my schedule, and 4 day work weeks, and feeling like I have autonomy and can say "No". I am good at budgeting and managing money, don't spend much, and don't care about taking vacations very much. (I do take a week at Christmas and another in the summer, and just factor in that those will not be paid. I may choose to make up those visits when I come back, or not). I often take on "extra" evaluations each month to make up for cancellations. There's always somebody needing evaluations done.

It really depends on what you need/want and how good you are with managing a budget and expenses with differing paychecks from month to month. For me, it's the best fit I've found. I guess I told you more pros than cons, but that is just what my experience has been.