My spoo is only 6 months old, and has been with me since mid-August.
I can only speak for her, as I've had no experience with other poodles (large or small) before this.
CONS
* She was (is) a bit difficult to house train. Took until she was about 16 weeks old before she started going out routinely. Even now at 6 months I have to be careful if the door is closed because she's not always good at ringing the bells to tell me she wants out (this seems to not be the general rule with poodles - who are often extremely quick to housetrain)
* Her coat needs trimmed/shaved about every 4-6 weeks. It's a trade-off between paying a good amount of $ to have someone do this (I pay about $40, which is extremely expensive for Mozambique) or dealing with the hassle and the amazing amounts of fur (that get into everything, including getting stuck in your clothes) to do it yourself
* Her stomach is more sensitive than the last dog I had (a small-breed mutt that was likely some sort of sheltie/collie/beagle/hound mix), leading to fairly frequent episodes of diarrhea (nothing serious, but more difficult to clean given that I have a concrete yard)
* She LOVES to jump, still working on getting her to stay on all 4 feet when people come in (not helped by her being so cute that other humans like and encourage her to jump up on them)
* She gets bored really fast when training, playing, or learning new tricks - it can be difficult to keep up and maintain her interest by introducing novelty at her pace. She can also be stubborn, and sometimes borders on being pushy (especially when she wants attention and isn't getting it)
* She was (and still tries to be) very mouthy - nothing makes her more happy than gnawing on a human hand. At first she mouthed too hard and left scratch marks on my hands and arms (especially when in play-mode). She quickly learned to mouth softly, and now when her teeth make contact (which is increasingly rare as we're moving her off of ever mouthing) it is with the gentlest little touch imaginable.
* Her ears need regularly wiped out and cleaned or she gets ear infections
* She LOVES trash cans, especially the bathroom ones, and would eat plastic, paper, cardboard, tampons, pretty much anything if left to her own devices. I had to buy swing-lid metal trashcans for the bathrooms (I always keep the kitchen trash under the sink so that wasn't an issue)
PROS
* She doesn't have doggie odor, doesn't shed on anything ever, and if her coat is short is probably the cleanest and easiest to care for (appearance-wise) dog I've encountered (she is incredibly patient with baths, brushing, nail clipping, etc)
* She switches pretty quick from calm and snuggly indoors to revved up and fully energized out of doors - which is quite convenient! She can play or walk or run seemingly forever if the opportunity arises, but on slow days just a 20 minute session of fetch or a quick walk will suffice for her to expend her energy
* She learns new commands after about 4 or 5 repetitions most of the time (though she's easily distracted and doesn't always obey 'down', 'come', or 'stay' yet in busy environments).
* She has a fantastic temperament, and has made a wide circle of friends among adults, kids, and other dogs even in this city where most people are terribly afraid of dogs (I sometimes have to go claim her away from the security guard or the neighbors, who adore her, and I never lack for volunteers to dog-sit when I travel... even the dog-walker will hang around long after their scheduled walks to play with her in the yard)
* She adapts very quickly to people, animals, environments, or new items like an easy-walk harness, car seat belt, doggie booties - you name it.
* She is extremely affectionate, likes to snuggle and be near her humans, but she is also ok on her own and has no separation anxiety or problems with crate training
* She is very expressive and basically screams out her moods or intentions with tail, eye, and facial movements. Once I got to know her better, I can tell you exactly what to expect (if she will obey commands at that moment, if she's about to bark at a kid that she wants to play with, if it's ok for the 1-year old to pull her ears or if she's feeling mouthy and playful, etc)
* Although she happily and frequently steals dirty laundry, shoes, bags, etc and parades around the house with these treasures, she has only ever damaged one shoe - most of the time she gnaws but does not shred or destroy things, even when she was teething. Her toys, my house, everything - are all still fine even though she is a puppy (I anticipated mass puppy-related destruction, but never happened)
* In general, she is simply very calm, easy to manage, easy to predict, and easy to love
I got my poodle because I weighed the pros and cons as you are doing. I must say I've been surprised at how easy Lilith's puppyhood has been so far. We've had FAR less problems than I expected from a puppy, and nearly every day I am just so amazed by and proud of what a lovely dog she is. All poodles are different, but I'm so happy with this dog that I've probably become a poodle person for life.
Good luck with your decision. This forum is FULL of folks asking for help with their most difficult problems, as well as full of folks bragging about how wonderful their poodles are, so I'm sure you'll find lots and lots of pros and cons to weigh.