Hood to Coast used to be the race I would encourage every runner to put on their bucket list. Before the explosion of other relays, it was a pretty unique experience. I have participated several time and have usually enjoyed the experience, but last year's problem at the 2nd major exchange made the cons outweigh the pros for the first time.
I would recommend running it at least once to say you did it, but try a Ragnar for a more relaxed and equally fun experience.
Pros:
Beautiful course
Fun atmosphere
Awesome after party at the beach

Cons:
Logistics are a nightmare
No cell service where it's needed most
Expensive