Pros - amazingly beautiful, not many people, tons of wildlife. There's lots of national forest up there. I wouldn't mind settling there at all. The land seems to be relatively inexpensive. Fishing and camping is *awesome!!*
Cons - winters can be tough. If you're near Lake S you might get more snow. As Mnn said the growing season is short. My grandparents had a greenhouse and also started seeds indoors. There will most likely be a lot of bugs..mosquitos, horseflies, gnats, you name it!
Depending on where you live there may be a relatively large city nearby but most often you'll find smaller towns. The roads I've seen are fairly good as well. If you can get up there to take a trip, I'd do so...maybe visit in winter so you can see what it's like?
Oh, you asked about the soil...lots of iron (hence Iron River, Iron Mountain)..etc. I'm most familiar with the area around Iron River, Rhinelander, etc.