Are there any major pros and cons of having a corporate trustee or individuals?

In most situations it will be better for an SMSF to have a corporate trustee, rather than individual trustees. The major disadvantage of a corporate trustee is the up-front cost of establishing the company. However, there are longer-term benefits of having a company which generally outweigh the extra costs.

The following table looks at the advantages and disadvantages of a corporate trustee over an individual trustee:

CORPORATE TRUSTEE	..........	INDIVIDUAL TRUSTEES
Sole member SMSF		Sole member SMSF
You can have an SMSF where one individual is both the sole member and the sole director.		A sole member SMSF must have two individual trustees.
Continuous succession		Ceases upon death
A company has an indefinite life span; in other words, it cannot die. Therefore, a corporate trustee can make control of a SMSF more certain in the circumstances of the death or incapacity of a member.		If the SMSF has individual trustees, eg, a mum and dad SMSF, then timely action must be taken on the death of a member to ensure the trustee/member rules are satisfied (SMSF rules do not allow a sole individual trustee/member SMSF).
Lump sums and pensions		Lump sums only payable on commuting pension
An SMSF with a corporate trustee can pay benefits either as pensions or as lump sums.		Some practitioners argue that the member must surrender or commute their pension entitlement if they wish to obtain a lump sum (as an SMSF must have its primary purpose of paying a pension). According to this argument, a fund cannot simply pay a lump sum benefit, and extra paperwork is needed to evidence the pension entitlement first being requested and then being commuted.
Administrative efficiency		Extra and costly paperwork
When members are admitted to, or cease, membership of the SMSF, all that is required is that the person becomes, or ceases to be, a director of the corporate trustee. The corporate trustee does not change as a result. Therefore, title to all the assets of the SMSF remains in the name of the corporate trustee.		To introduce a new member to an SMSF with individual trustees requires that person to become a trustee. As trust assets must be held in the names of the trustees, this will require the title to all assets to be transferred to the new trustees when a member is admitted to or exits the fund.
Greater asset protection		Less asset protection
As companies are subject to limited liability, a corporate trustee will provide greater protection where a party sues the trustee for damages.		If an individual trustee suffers any liability, the trustee's personal assets may be exposed.
Estate planning flexibility		Extra administration and costs
A corporate trustee ensures greater flexibility for estate planning, as the trustee does not change as a result of the death of a member.		The death of a member requires there to be a change of trustee, and this gives rise to considerable administrative work and costs at an inopportune time.

The ATO also provides some helpful information here.