The pros and cons I list might be different then other peoples:
Broken Steel:
Pros:
- contains more of the Enclave
- adds a few powerful enemies that Fallout 3 desperately needed
- Hellfire Armour
- allows you to redecorate the Citadel
Cons:
- makes your one decision at the end of Fallout 3 pointless
- post-ending gameplay(I never saw the point of this)
- raises cap to level 30(your character is already a god of the wasteland at level 20, the new level cap further unbalances the game)
- there is no way you can save the Enclave
Point Lookout:
Pros:
- large map
- interesting atmosphere
- has one of the most interesting characters of Fallout 3
- new creepy enemies
- hallucinations
Cons:
- no companions
- like Fallout 3, there is very little explanation as to how certain things happened