Congradulations my man. I got two little girls of my own. You already know this, but you will never sleep sound again. The first year couple years are tough. Its funny my oldest is now potty trained and now she my homie

. I be chilling watching the game while she draws, "Daddy I'ma go potty" I just be chillin
You'll only goal now is to make sure that child becomes better than you could ever be.
There are no con's. Yeah you may not be able to the same stuff that you used to, but honestly who cares. I spend most of waking moments just thinking about my girls and what more I need to do for them.
Just a heads up for alot of new dads. Letters and Numbers. Thats what you need to practice with kids. Shapes are easy and who gives a **** about color, there some color blind kids doing fine right now. They start school at 3 in alot of countries there is no reason your child cannot be at that level. YOU MUST PUT EDUCATION AND DEVELOPMENT AT PREMIUM. Especially for girls. Its common knowledge that girls achieve better marks in school than boys up to certain grade, than a dramatic drop off. You must instill proper learning and comprehension techniques as early as possible to help them over the hump. When people say no tv for kids its true to a certain extent. With my girls no tv before the age of two. What I did do was let them use sites like Starfall.com and interactive games on the ipad so they are involved with what they see and learn hand eye coordination along with using the computer early.
The biggest problem with TV for babies and kids is that it creates a child you can't stay focused for two long on one activity. Now this isn't true for all kids, but a majority. READ to your kids EVERY NIGHT or as often as you can. Its vastly important to their development and for future comprehension and retention in school if they learn that reading is thoughtful dedicated process.
My mother has a Masters in Education and Child development and gives me alot of great advice and tips. Honestly its works and I see results. The first 5 years in your childs life are crucial if you want them to develop good habits in school for later in life.