rabbits ROCK!
pros:
they are very clean
they are cheap to feed
they don't need taking for walks
they only need 2 jabs a year
cons:
they CAN be nervous (general rule of thumb, the bigger they are the more docile/easy to handle they are)
they like company so you're best off with 2 (this could be a pro! one each?)
initial outlay can be quite expensive
you will need a nice big, big, big hutch. at pet shops they are quite expensive, if you know anyone with the appropriate skills then make one yourself.
You will also need a big run, or a rabbit-proof garden to let them out in. The more time they spend running around the better!
Life expectancy... have had conflicting advice, some say 5-8 years, some say 8-12!
They are best off with company as I said before, and if you can keep them in a run all day and just in their hitch at night it will do them good because a) they will nibble on lots of stuff and keep their teeth worn down, and b) they will be able to dig stuff and keep their nails short.
rabbits' teeth grow constantly and if they don't have enough stuff to chew on you will have to get them clipped by the vet.
They are LOVELY though, easy to look after and cheap. They will need cleaning out at least once a week. bedding consists of sawdust and hay, and big bags of rabbit food are quite reasonably priced.
hope this helps!