Pros: Easy to setup, easy to backup, easy to access
Cons: So far I've had great luck with it.
I bought this to backup my pictures and music and it has worked perfectly. I have done backups for all 3 computers plus stored music and photos in shared folders. The internet sharing is great - I'm able to access my photos and music from any computer with an internet connection. The quality of the stream depends on both ends of the network (upload speeds on my home network are slow) but works nicely.