There is tons of them out there, and yes, each of them has pros and cons. Some may say frameworks using PHP are quite new, but there is already a lot of good frameworks with on ruby-on-rails-like systems that can be used for production environment without a problem. They might not be the most optimized frameworks for large scale projects, but if you already know PHP - good choice.
Scaffolding, Model-View-Controller, validations class, database based models ; nice stuff to work with.
Only one advice ; make sure you choose a framework with a good documentation and users behind it, it helps a lot. Browse the documentation, the API, etc and you should get a good idea.
I personally choose CakePHP for a new project, which did a great job so far. Its the one that looked the most familiar with my programming pratices and this is mostly why I choose it. Took a few days before I get use to it, but then its a charm and everything is way faster, easier and funnier to do.