I'd advise driving it stock for a little while, first. Especially if you plan on wheeling it. Take it offroad and see what it'll do...a lot more than you'd expect, bone stock.
As for the pros and cons of lifts, there can be many. You'll lose mpg and your wallet will get lighter. If done wrong, you could ruin the geometry of your suspension/steering system, thereby lightening your wallet even more.
If done right, you can create your own, relatively distinct Jeep, and wind up with a bit more capability off-road. Depending what you wanna do with your rig in the first place.
A simple budget boost will allow you to clear 33" tires and still go offroad and stuff wheels. A 2.5" spring lift, with or without shocks, will raise you over 35" tires.
Here's some reading to give you some ideas of what others do with their Jeeps.
JK Lift Reviews
Lift Types???
Leveling Kit or Budget Boost?
Here's a thread with photos, just to give you some idea of what some of us are doing with our Jeeps.
Show me your 33" with 2" lift photos.
I know it's a lot of reading a lot to wade through, but if you take your time and LEARN before you open your wallet, you'll be much happier, and have a lot more faith that your Jeep will last you for years to come without the axle falling off or something.
