Kinda difficult topic to discuss if I haven't been in this situation...
These are some pros and cons I thought about:
-Life will be cheaper. You'll share costs of rent and utilities.
-You'll share responsibilities and chores (Dishes, vacuuming, shopping, etc.).
-You'll have company and won't be alone.
-Since you're saving money, you'll be able to afford better things.
-It's often safer to have someone to live with.
-Lack of privacy.
-You can never trust him/her, especially if you don't know 'em that well.
-You gotta trust 'em to be on time with the rent, or maybe spot you sometimes.
-Their problems can become your problems.
-Get used to each other (Get bored of them).
Now, living with a female or male roommate can vary, due to the famous "battle of the sexes". Men and women DO think and feel differently. But still, I think it won't be that different, you'll still have the same pros and cons, just with some variations. It depends on the person, but I recommend you do it at least once in your life, to have one more experience. I bet it'll be fun to try to function with a female stranger under the same roof.
Now guess who is who! :D
(click on the image if you can't read)