Summary: I pretty much don't even bother with the bag since the tripod has a built in handle anyways, but hey, it came free in the box. I've taken it hiking with me a couple times, and it's worked pretty well so far, but I doubt it could handle a 20 ft fall over a cliff if I were to drop it accidentally.
Pros: Fairly sturdy construction; able to tilt in many directions; the level and handle come in very handy at times; easy to extend legs; the geared extension is a nice touch for getting that right angle; can tilt the camera to be portrait or landscape very easily; inexpensive.
Cons: The bag it comes with is fairly useless as far as I'm concerned; the frame probably can't handle extreme hiking or extreme use; sometimes wish is could extend another 6" or so.
Summary: This is my first tripod, but I bought it at the same time as our first camcorder (Canon HG10) to record our unborn first child. We also have a Canon PowerShot A630 camera and they both fit on here just fine.
Pros: Plenty of potential positions, angles, etc Legs extend with a quick push of a button while pulling motion. Tripod bag and bubble level are a nice touch. Price isn't bad either.
Cons: None that I can think of. Maybe the fact that it's not made out of solid metal, so it's clearly not meant for rough, heavy duty tasks, but anything else should be fine.