Dummit and Foote contains just about everything an undergraduate ought to know about abstract algebra. In addition, it is written in a more user-friendly, down-to-earth fashion than, say, Lang's Algebra is.
The pro's have been discussed in other reviews and include: clear development of group, ring, and field theory; tons of exercises at the end of every chapter; numerous examples scattered around the text; sylow theorems (for group theory, imo, it's important, and not every algebra book does sylow stuff!); great introduction to exact sequences (useful if the reader is going into algebraic topology anytime soon. ugh!); galois theory is pretty clearly laid out; and, the third section of the book has some neat topics the reader can check out (which are, I think, commutative algebra, homological algebra, and representation theory introductions, as well as a small section on category theory at the very end).
The con's of D+F are the price (it's very expensive!), the binding (it's horrible!), and some of the sections are much harder than others and D+F doesn't do as well a job at explaining them as in many of the other sections (the tensors section sticks out in my head, and they wait something like 100 pages to explain "tricks" for figuring out the structure of finite groups after explaining some of the sylow stuff (eg., they wait to tell the reader about how to "pin small groups against one-another" and to make use of the sylow n! trick). Also, D+F introduce modules before vector spaces which I have mixed feelings about --- as a student who's already taken an algebra class, I love the "flow" of the lessons; as a student who remembers what it was like to try to imagine what modules "looked like", it makes me cringe to think that they didn't introduce vector spaces first.
Overall, wonderful book. One of my favorites of all time. DEFINITELY have it, and if you study from it, you may feel more comfortable supplimenting it with Herstein's Algebra, Artin's Algebra (which are just as hard) or Fraleigh's Abstract Algebra, Gallian's Abstract Algebra, or Rotman's Abstract Algebra (which are much, much easier).