Why should I fianchetto?

What are the pros and cons of fianchetto-ing?

It is good for the long diagonal

It is bad as the opponent can block the bishop

Pros:

• It can put your Bishop in an active position, especially if there are no pawns or pieces blocking it.
• If can help to defend your King if you castle on the same side as the fianchetto'd Bishop.

Cons:

• You create weak squares around the financhetto'd Bishop.
• The pawn you push in order to create the fianchetto can be targeted by your opponent's Rook pawn.

These cons are even more pronounced if you are playing 3 Check.

it's tricky for the opponent. Claims more than a thousand victims!

Yeah, it's certainly tricky. You can go all in with 1. b3 or 1. g3 , and create a lot of counter play if your opponent goes for the center. I like playing 1. c4 a lot, and I play g3 systems, fianchettoing the kingside bishop, when my opponent doesn't try to fight for the center, and I can have play on both sides of the board.

I play hyper modern openings in general, not just fianchettos... By themselves the Bishops aren't scary

A Bishop on the long diagonal will hit both key central squares and exert pressure on the enemy’s king- or queen-side. 

You misspelled "fianchetto". It is actually spelled fettuccine. 

I believe you mean it is spelled fusilli.

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Very tasty

Indeed! No wonder the fettuccine opening is so common!