Pros: tall and stately, attractive in bloom and fall, excellent host plant for some nice butterflies (tiger swallowtail, red spotted purple, spring azure, maybe some hairstreaks too), good for birds (fruit and a top insect habitat tree), beautiful high value timber and small branches give a nice scent to barbeque, nice
honey fragrance in bloom and a good short-season nectar plant for both honeybees and butterflies
Cons: (wilted at least) foliage is harmful to mammals if eaten, birds will spread it by pooping seeds, wrong framework (compared to southern live oaks at least) for climbing and installing swing sets, subject to ugly "black knot" fungus (as are chokecherries and European plums, but you're not going to reach the
canopy to prune it out with this tree) which is always an aesthetic problem if it is in your area but really bad news if you are also growing crops afflicted by it since you now have a source of spores, shade intolerant pioneer species, compared to say hickories you're not going to reach the edible crop (the tiny cherries) but at least as a street tree that means bird
poop not the hail of falling nuts to damage your car, and one of the moths that use it as a host is the dreaded Eastern Tent Caterpillar.
Doesn't fix nitrogen nor is it readily harvestable for food, so really an ornamental, wildlife, and timber tree, not a high-density food forest tree.
(Based on Prunus serotina aside from its tropical capulin cherry subspecies [which differs in adaptation and by being shorter, evergreen, and in domesticated cultivars more realistic as a fruit source. Prunus avium--sweet cherry--is also called "black cherry" at least in Europe. It also grows really tall, but you will get fruit from the lower branches. However that larger fruit is messier.)