To your first question, it depends. Because of the need to pay "reasonable compensation", if the earnings of the LLC are typically much lower than supposed, S-Corp status can be counter-productive. It is usually a more favorable status the higher the LLC's income.
To your second question, there is more reporting. The W2-income alone will have several requirements: You'll have to remit Federal taxes at least quarterly, and maybe monthly, and file Form 941 quarterly. You will have to make deposits for the Federal Unemployment (FUTA) and file Form 940, state tax requirements, if your state has a state tax. Your state might have a specific corporation tax for S-Corp elections, and some states have local taxes, and State Unemployment (SUTA) as well, as well as filing the W2s themselves at the end of the year. And you will file a separate tax return for the business, Form 1120-S (available in TurboTax Business), which will report on a Schedule K-1 the income that must be reported on the personal tax return. This extra filing is part of the formula to determine if this filing is right for you.
In the end, you will want to research to find the best solution for your situation.
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