What are the pros with a cell phone contract plan vs prepaid?

What are the pros with a cell phone contract plan vs prepaid?
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I know I am looking at Virgin Mobile since they are powered by sprint. I currently have Verizon and its costing me over double for the same plan I can get through there, this isn’t even adding the taxes and charges to the bill. I hear good things about them so I am thinking when my contract is up in November, buying a phone through them. Even though you pay full price for the phone in the end it still works out cheaper per year when looking at a 2 yr contract. I want to upgrade to the iphone and this doesn’t even add in the extra data plan costs to my exisiting plan.
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