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My kids have been in french immersion since Kindergarden.
My oldest just went into the high school and has switched over to english as the high school program here in french isnt that strong. Having said that, we want her to attend post secondary and wanted her to have a strong english background when she does that as most post secondary schools are in English.
my son is in grade 7 this year also french immersion. He will be making the switch to english next year as he isnt in tune with the french as his older sister is. He also has to work harder at the grades he gets, so we are trying to make it easier on him.
Neither my wife nor I speak french.
Pros - typically smaller class sizes, less behaviour problems, strong academics in the classroom, obvious benefit of speaking both official languages.
Cons - adjustment can be difficult if the household isnt a french speaking household. Not so bad in the beginning, more difficult in the higher grades.

Kids are like sponges and can absorb a lot of things when they are young. If I had to do it over again, i would again put them into the french immersion program. Both my kids are now at a stage that they will keep their french. we have many french speaking friends that always speak to our kids in french.

as far as my kids english is concerned, they both score high in their english classes. the only issue that has cropped us is the spelling and just getting mixed up between the two languages. My daugher is now into her 3rd month of straight english and her Language Arts progress reports are amongst the highest in the class. The switch over for her has been seamless.