Pros: + It is astonishingly affordable. Without a doubt, Facebook is selling it with a loss. + Completely wireless system provides the best VR experience you can have. Even though there are technically better headsets, none of them are wireless. You don't need to set up any cameras either, just great. + Seeing the room without taking off the headset is a great option to have (although image quality is abysmal) + Speakers are much louder than expected so you don't need a headphone (mostly) + It is very easy to connect it to Steam VR so you can even play PC VR games wirelessly with ease.
Cons: - You need an active Facebook account to use it, there is no alternative. This is the catch here. You are giving them every data you can have. - Battery life is not very good, 2-3 hours max. You have to charge it after every session or get a very long USB-C cable. - Controllers work with an AA battery, they don't have rechargeable batteries. - Quality of the straps and the pad is mediocre. Though, they can be easily replaced with third party options.
In short, I can recommend it to everyone as long as you are aware of its downsides.