Cpu for rendering?
CPU renderers:
Advantages: More advanced shaders, more features and more mature. Does not depend on hardware. Many (many!) renderers to pick from.
Disadvantages: Slower, has to rely on many tricks to be fast. Some don't do previews very well out of the box.
GPU renderers:
Advantages: Very fast previews, extremely scalable (Not fast enough? Throw more GPUs at the problem). Many GPUs are cheaper than many CPUs. CPU can be nearly entirely unhooked from the rendering process, leaving it free to do other things.
Disadvantages: Not very mature, only few renderers available. Only good enough for specific production use. Renderers are simple path tracers, so they rely more on brute force to get things done. Vendor specific renderers (Octane Render and iRay are Nvidia only), maximum memory limit. Power hungry. Rendering and using the PC at the same time may require two cards, one for rendering, one for display.
In the future, GPU renderers will rule, simply because GPUs are advancing much quicker than CPUs. The memory limit will be solved and GPU rendering will become very interesting. I think also, GPUs will solve the realtime raytracing problem in a decade or so (see "Brigade 3" on Youtube). Hopefully there will be more GPU renderers for greater variation.

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