The deadlift, known as the king of the iron jungle, is certainly the hardest lift arguably offering the most benefits when done properly. To help you decide whether or not to deadlift I have made a list of pros and cons to help you make the best decision for your goals.
Pros: Deadlifts are easy to progress on. Once form is nailed, deadlifts are alot of fun. Deadlifts allow you to eat more and have been known to speed up metabolism. Deadlifts increase growth hormone and testosterone release. Deadlifts stimulate the central nervous system. Deadlifts recruit more muscle fibers than just about any other compound movement. Deadlifts build character.
Cons: Easy to get injured/strain muscle. Form can be very difficult to get down. Requires alot of practice with sub-maximal weights. Even once good form is mastered, can be a very painful lift. Sore spinal erectors suck. Very hard to accomplish other movements after deadlifting. Deadlifts inevitably tear up your shins. Unracking weights is next to impossible with a sore lower back.
Hopefully these pros/cons help you make an informed decision.