Pros:
Programmable for many different options
Inexpensive
Comes with two remotes
Includes LED status light

Cons:
Requires additional relays for some power door lock applications and for the starter bypass feature
Poor signal strength (if you hide the antenna) (strength may be better if you just stick the antenna to the windshield like they want you to, but who wants an antenna in the middle of their windshield?)

Note: Installation is not that difficult if you know what you are doing. If you have never done anything like this before, I would suggest you take it to a shop.