First of all, check out
The National Society of Professional Engineers has a great description as to what qualifies as experience and what doesn't. Fourteen years is a long time, but if 12 of them are as a drafter, you probably don't have enough qualifying experience to petition for the PE.
Second, check with your local state regulating agency to determine what the requirements are. Most states have matching requirements: at least a BS in engineering with 4 years relevant experience. Higher levels of education can replace a fraction of years experience. Also, the experience is usually counted after the degree, but it completely depends on the type of work, your responsibilities of your work prior to getting the degree, and state regs.
The PE is very difficult. If your local institution has a PE prep course, take it. You can also order PE study material for home use. (Sadly, I don't have info for you to find it. I just know I keep getting mailings since I took the FE.)
Pros & Cons (you get to choose how you feel about them):
1) Having "PE" show up after your name on business cards.
2) Respect from your peers.
3) Pride in accomplishment.
4) That cool stamp that you can put on engineering documents.
5) The little piece of paper that states that you follow high professional standards and ethics.
6) Responsibility.
7) More $$$$.
8) More career opportunities.
9) Liability
10) and The insurance costs that go with it.
11) Be summonsed to court (to give professional opinion/fact in technical matters such as, crane topples and kills someone... Who's at fault?)
Good luck.
I expect to be sitting for the PE withing 3 years. Could be 2 if I get more qualifying experience. I'm also going back for my Master's to get more experience and a PE refresher.
--Scott