I've taught on a three person team sharing the students among us, as well as on a 4 person team sharing with just a team teacher, and self contained.
I've been able to get a great deal more accomplished in the self-contained setting, although as previously mentioned, the amount of planning is greater.
I've worked well with one of the team teachers, and the other was a nightmare! Talked the talk, yet DID NOT walk the walk.
I know my students much better when they are with me all day long and I have the flexibility that would not be there if we were departmentalized.
Pros & Cons.........weight them out according to what you know about yourself. It's really going to boil down to good planning and good instruction, so if you do departmentalize, make CERTAIN you and the other teacher are truly compatible!