It looks good, but I have to admit that there are inconsistency with the shading such as the area below the eye and the behind the ear. The behind the ear part is unavoidable because of limitation regarding polygons. The eye one you can repair with a meshsplit or meshsmooth. But that's not a problem with meshsmooth rendering.
Yes, though Limited 3Ds Max has a Trial Ver. it also has a free Student Ver. if you are a student. The full program tends to run on the expensive side, so people find other ways to get the program for free but it is always good to support the developers if you can.
As for the pros and cons, I guess it depends on what you want to do and what you are comparing it to. 3Ds Max is used a lot in the game industry, it has more Modeling Tools and options than such other programs like Maya (which is by the same company and more used in the film industry.). It is very powerful and versatile however it does have a learning curve. However, there are many many tutorials ALL over the internet and youtube to help you with that as well as on the host site itself.
NOW, if you want a free option I suggest these, while maybe not as versatile these are about as powerful.
Blender is an open source, Multiple Platform option for 3D modeling that I HIGHLY suggest if looking for something free. You can see some of what it can do and download it at:
Dang so that's how you make a realistic models of sonic and others if i was going to redesign them myself i would make a better models in that and it's possible to mix the voice clips into the current and new voice actors like i was going to.