Pros
On the one hand, ELIC is very helpful in making sure you're "protected" in some sense as a foreign teacher. They negotiate your contracts so you aren't getting your time unnecessarily drained by the schools, and if there are any issues with pay, housing, or other major logistics, you will have support. It's good peace of mind for a first-timer serving overseas. The organization also puts together events and training that many find inspirational and refreshing.
Cons
On the other hand, your time can be quite drained by your ELIC team obligations and it may feel like you went all the way over to China to hang out with your little family of Americans. This is not necessarily a bad thing; the purpose is to provide good support for each other and also to serve together. However, it is not for everyone. Some loved it; some felt like they would have been more effective within a less intrusive/fascist structure.
Finally, the fundraising requirement seems truly excessive compared to other organizations, even in light of the additional support ELIC offers. I do believe that the organization could be run more efficiently, after my interactions with some, frankly, less-than-competent staff members in Colorado.