I have a home that qualifies for historic designation. Can anybody that has done this give me a run down of the pros and cons of getting it designated and is it worth it?

Haven't been there myself. But having been in the construction/renovation business for some time, I'd suggest that before you take that step you make certain you understand the rules. Once the house and land are designated as 'historic', in most if not all jurisdictions, there are fairly strict rules about what you can and can not do with and to the house. Renovation, for instance, like a new kitchen, can take on a whole different character regarding the process for permission and design.