OK, I'll give this a go, but I know I'll miss some good points.
Glass Pros:
Cheap (within reason)
Easy to clean (Scratch Resistant)
Common sizes (easier to find a light hood/versa top)
Glass Cons:
Heavy (in some cases)
Has visible "seams" where the pieces are joined)
Can shatter if a large rock is dropped/toppled
Acrylic Pros:
Many unique designs
Some tanks are virtually "seamless"
Lighter than glass in many cases
Some say the view through it is more clear than with glass
Acrylic Cons:
Can scratch quite easily (with caution, you may never experience this)
Can sometimes be difficult to find accessories (lights/tops etc.)
Often times the tank can cost more than a glass one.
I'm sure I missed a few things, so this list is far from comprehensive.
I prefer glass tanks, mostly because they are easy to come by, easy to maintain, and it's not difficult to find new tops/lights.