Okay here's the pros and cons

Freelance:
-Don't have to wake up early to go to work
-Have more flexible time, don't have to work 8 to 5
-Don't have to take mc when get sick
-Don't have to face the boss all the time :D
-Don't have to plan the vacation with a very limited annual leave
-But still get the same amount of salary *smirk*

Fulltime:
-Have all the benefits, medical reimbursement etc
-Meet friends everyday (or if you're unlucky; colleagues)
-Get annual bonus
-Get to dress up everyday (I have to admit I missed this :((
-Can learn a lot through various experience and exposure

But since I hate the monotone life of 8 to 5 and really2 hate woke up early and I'm not that keen to site surveys and detailed drawings (in short: not really keen to become a real architect). I guess freelance architect's life is for me :D