Pros of exit polling
Exit polling can be a really good source of information if it is done correctly, and most news outlets do have the intention and resources to do it correctly. It gives us a pulse of what's going on in the election and a good directional indication of who's winning. But they're not something to rely on for any significant purposes.
Cons of exit polling
On the flip side, exit polls are often less accurate and less predictive in very close races because the margin of error within the poll itself could intersect with the actual point difference between the candidates themselves. They can also be useful in detecting fraud because if an exit poll greatly conflicts with actual results, it can spur on an investigation to find out why those differences might exist.
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