The pros: I like that you have a choice of colors and that it comes with a front light. It's small and easy to carry around. If you've never had a Kindle before or never had one higher than the base, you won't notice the 167 ppi difference between it and the Paperwhite and the Oasis.
The cons: If, however, you're like me and you have an Oasis, you'll immediately notice how much less crisp the letters and pictures are.
Don't get me wrong. It's a good price for a starter Kindle, especially with lights now. For someone who's looking for the best reading experience they can get without spending too much money, it's a good choice.
However, for a few dollars more, they can get a Paperwhite with better resolution, waterproofing, and more storage (2x more for the base Paperwhite model).
So what should you get? If you're more concerned with saving money, go for the Kindle Basic. Otherwise, about thirty dollars more gets you a big improvement.