What was the social status of a knight in the middle ages? What were some pros and cons of being a knight?

Knights were highly ranked, just under the king. The king would give them land and they would become rich nobles. The pros were that you'd have a huge castle and lots of land and vassals and earn a lot of money. The cons were that you'd have to go to war for the king even when you don't want to, or if you rebelled they'd send a huge army to end you.