I am holding legacy.
Confused, should I go segwit for seemingly lower fees?
You shouldn't move your coins now to a Segwit address. There is no need. You are going to pay fees now, to pay less fees in the future? It is not worth, imo.
But your new deposits should go to a segwit address, (
addresses that start with 3 or bc1). Why? To pay less fees.
Pros and cons of each?
This is the only advantage for segwit for common users: pay less fees when transferring.
Can you go back and forth?
Yes, at any time you can transfer your coins to a Legacy or a Segwit address. It is a normal transaction, you will only pay miners fees.