What are the pros and cons of each of the finishing options?

Choosing the desired finish is a

Raw:
Pros: cheaper to buy, lots of natural character, doesn't show scratches easily
Cons: stains easier, may not have a uniform colour or match colours of other pieces

Wax:
Pros: relatively cheap and easy to apply and maintain. Has a very natural look and feel.
Cons: not as stain or water resistant as varnish or lacquer.

Oil:
Pros: cheap and easy to maintain. And has a very natural look and feel.
Cons: not as stain or water resistant as varnish or lacquer.

Varnish:
Pros: water proof, stain resistant, UV protection. Wide range of colour and sheen options.
Cons: difficult and expensive to refinish when damaged or marked.