Pros: I have two of these, one set as an Access Point, the other set as a Bridge, and they work great. Setting them up is super easy. Simple web interface. It lets you put a comment for each MAC you enter (for MAC filtering), so you easily know which devices you've granted access. Compact and stylish.
Pros: Great way for the price to add wireless to an existing network. It will save me cost on my mobile data plan by adding WiFi enabled smart phones and tablets to broadband internet access. Took less than an hour to set up the AP with Encryption and MAC Filtering for two laptops, a smart phone and a tablet.
Cons: The power cord and LAN cable provided are way too short.
Pros: Great value for money. I'm using it with my Patriot Box Office media streamer. I've previously used the USB Wireless adapters with the PBO and they've given dismal results - barely able to stream an Xvid video in my house. (forget about a 720p video!) The Trendnet TEW-650AP had no problems streaming both the Xvid or 720p video (located in the same spot that the USB adapter failed in). At $29 on sale, it's a great value!
Cons: None that I can think of. Perhaps dual band support but I know that's asking too much for a unit at this price range.