Splitzville

Reasons to Adopt:
You don't have to be pregnant.
You have a choice when it comes to the health of your child.
It is the ultimate low-carbon footprint.
You are helping a woman and a child who are very likely desperate.

Reasons Not to Adopt:
It is very expensive.
It is a lot of red tape, emotional strain, and effort. (Wait, this might go word-for-word in the first list!)
Governments, adoption agencies, and passersby will put you through the wringer, judge you, reject you, and make you feel inadequate.
People you will meet or already know will have issues with the genetics, race, and politics associated with your choice for the rest of your life and your kid's life.

Other thoughts:
I was going to put something about prenatal care concerns under "not to adopt" but then I realized that I still had those as a birth mother. You always wonder if all that coffee and wine you drank as a preggie had some lasting effect on your kid.

Also, I gave up long ago on the good genes/bad genes worries, when I realized that any biological kid of mine is more likely than an adopted kid to have depression, obesity, alcoholism, and myopia in his/her DNA.

I can't help wondering (with great excitement) if the kid we might adopt in the next year or two is alive yet...