I've seen many nice quilts made with a serger, and have done one myself. Here are some patterns to give you an idea:
http://www.sewvac1.com/Library/Quilt...structions.pdf
http://www.lindaleeoriginals.com/spatterns.htm
http://www.babylock.com/ftp/projects...er%20Quilt.pdf
http://www.husqvarnaviking.com/ca/en...r_Quilting.pdf
Also, a serger is great if doing charity quilts, as they can be made very quickly.
Some pros:
•Quick, especially when using a quilt-as-you-go method
•Works well on simple shapes
*Fun!
Cons:
•Seams are bulkier
•Seam width can vary (instead of all being 1/4" )
•Ripping out stitches is time consuming.
I would purchase a serger with coverstitch and chain stitch capability for more versatility.