You guys can talk theory all you want - I own a semi modern V12 car, a Jaguar XJ12 with a 6 liter 60 degree V12, (they quit making these engines in 1997), and a modern V8, the GM 5.7 liter LS1 in a 2004 Pontiac GTO.
Here are the pros/cons from a real world perspective:
V12,
pro:
fantastically smooth power delivery; small pistons and 50% more firing pulses per crankshaft revolution give a turbine like flow of power;
almost silent operation at idle and normal throttle opening;
really cool sound as the air shrieks into the engine at wide open throttle;
hand built by one person for optimum balance and fit;
people know you don't give a da** about the price of gas, fuel economy, trees, clean air, or any of that crap.
cons:
expensive, the V12 was a $22K option over the I6, there are a lot of extra parts and support systems to deal with the heat;
needs a big transmission and rear end to handle the torque, as an example the Xj12 uses a GM4L80E transmission and Dana diff, the Goat gets by with a 4L60E and Dana diff;
mass, the V12 block is big, and heavy, even for an aluminum engine, this also wears suspension components and tires faster;
lots of heat generation relative to a V8;
poor fuel economy compared to a V8;
hard to work on, because so much engine is crammed into a small space, this also compounds the heat problem;
V8 pro: well, look at the disadvantages of a V12, for the most part these are the strengths of a V8;
nice burble exhaust if it has a cross plane crank;
con:
Not a V12, so not the best.