Here's the list of pros and cons for dwarf octos again...
Pros and cons of keeping O. mercatoris (Atlantic/Gulf pygmy octopus).
Pros:
1. Smaller tank requirements than larger octopuses.
2. Sometimes possible to keep more than one in a tank.
3. Less likely to crawl out of tank than larger octopuses.
4. Eat less than larger octopuses.
5. Lay relatively large eggs. Hatchlings are not cannibalistic or planktonic. (Not true for all dwarf/pygmy species.)
Cons:
1. Nocturnal, but will venture out under red lighting.
2. Much less interactive than other octopuses.
3. Limited changes in color/texture compared to diurnal octopuses.
4. Life span may be shorter than larger octopuses.
Links to a couple of octopus journals on TONMO to compare dwarfs (mercatoris) with larger species (briareus and hummelincki):
1. Trapper’s babies (O. mercatoris)
http://www.tonmo.com/forums/showthread.php?t=10133
2. Varys’ babies (O. mercatoris)
http://www.tonmo.com/forums/showthread.php?t=12919
3. Kalypso (O. briareus)
http://www.tonmo.com/forums/showthread.php?t=12145
4. Octane (O. hummelincki)
http://www.tonmo.com/forums/showthread.php?t=12191
5. Grove (A. aculeatus)
http://www.tonmo.com/forums/showthread.php?t=13825
If you really want a merc instead of the others listed above, check with Sealifeinc.com. Mercs availability can be seasonal. I would go with a 20-30 gallon tank, but you'll have to watch the water quality closely.
If you want a dwarf cuttlefish, they will have their own pros and cons... can't speak for them. Read up on them at TONMO.com