Pros: was looking at the cpu support for the board I wanted to buy (gigabyte z87x-ud3h) and noticed xeon cpu's in the supported area. Did some research and found out this is 4770 (non-k) on steroids. and it's $20 cheaper than the 4770! Has three features you will love. One, is fast access memory for the igpu, mixed memory for the motherboard it's using (for instance, you can populate 2x4 and then add 2x8 gb for example to make 12gb if you want to save money, and ecc ram abi...
Cons: None. I don't overclock period so K processors aren't a necessity.
Summary: Great processor. I went with this instead of the i7-4770k since the clock speeds are similar and I don't plan to overclock. I have been using this in a small business server for the past two weeks and haven't had any problems since. Speed difference between this and the i7 is unnoticeable in daily use and the integrated graphics makes it a worthy alternative.
Pros: Extremely fast. Cold boots a Windows 8.1 machine in 15 seconds. Restarts the same machine in 21 seconds. This is essentially the i7-4770 in Xeon packaging but is $30-50 cheaper and supports ECC/Registered memory. Works well with my Asrock Z87 Fatal1ty MB.