Pros: You can setup and breakdown this tripod in seconds (all quick-lock legs, very light), it's very light, so if you're lugging it around downtown for an afternoon, you'll be thankful you have this.
Cons: Joints aren't extraordinarily smooth, and have a tendency to stick a little. The camera base tilt adjust sits at about -10deg when not tight, instead of a flat 0deg or 90deg (for landscape or portrait). Heavier kits will make the tripod pretty unstable (I'm not keen on putting my 70-200mm L with my Rebel XT on it).
Overall, it's a decent portability-focused tripod, for use when you just want to run out, setup and shoot. In that sense, it serves as a decent second or third tripod, but definitely not a primary.