Pros: Snow, snow, and more snow!
Cons: Not a place for lovers of apres ski!
My review is based on comparisons with many other resorts (including Taos and Santa Fe in my home state of NM, Ajax, Crested Butte, Purgatory, and Monarch in Colorado, Alyeska in AK, Snow Bowl in AZ, and Alta, Snowbird, and Deer Valley in UT).
Every resort has something to offer skiers, depending on his or her skiing interest and passion. What WC has, above all, is glorious snow and more snow, and often of the champagne powder type. Alta and Snowbird are the only two that compare in my own experience in this regard, and they're a long plane ride from New Mexico, entailing lots of packing and schlepping of gear that I am no longer interested in doing. WC is a mere four hour ride for me.
All resorts have disadvantages, no doubt. The trip up the mountain to Wolf Creek can be arduous if the snow is flying. But the state of CO does a superb job of plowing, so with 4WD or AWD that is an obstacle easily overcome.
Alta and Taos have more steeps, but if steeps are your thing, and you're willing to hike, Alberta Peak will put "hair on your chest" (or maybe take it off <g>).
Bowls abound across the area as well, and if glades are your thing, roughly half the resort lies in the so-called WaterFall area, which is largely free of intermediate and beginning skiers.
If detachable, high speed lifts are your thing, head to Deer Valley (and pay the freight). WC has only one such lift, but the older chairs are reasonably fast. Lift lines are usually not obnoxious, and the lift attendants are generally "professional."
Night life in Pagosa Springs or South Fork is virtually non-existent, and irrelevant to me. Accommodations are decent in Pagosa Springs, and the hot springs/baths are enjoyed by many.
Price wise, WC is a bargain, with reasonable rates across the board. I paid $308 for a senior season pass this year (2010-2011), which will work out to about $5 per trip. <g>
Summing up: while the annual average snowfall approaches 475", Feb and March are typically the really big snow months. Many people drive a full day to get to WC (e.g., Texans). However, if you absolutely can't live without powder, live on the East Coast or such, willing to wait on the weather forecast for a big dump, and willing to gamble on scoring a last minute ticket to Durango (about 90 minutes to WC) or Albuquerque (about five hours to WC), then Wolf Creek is more than worth a shot.