Pros:
Size. Thing is small and only 2.9 oz.
Great picture. shoots up to 2.7K, but I keep it in 1080p.
The night effects, both still and video are cool.
Aftermarket non GoPro accessories and batteries are affordable and perform well.
Waterproof (in the right case)
Cons:
The microphone sucks. And if you put on a waterproof case it sounds like they are talking from the bottom of trash can.
Battery life sucks. Thankfully aftermarket 3rd party batteries are cheap and reliable.
The software. The gopro software is ok, but it isnt intuitive, and not as powerful as 3rd party options. For free options, I recommend Blender or Davinci resolve. I am using Cyberlink's PowerDirector Ultimate ($65) which is VERY intuitive and has tons of bells and whistles.
Here is a picture I took using the advanced night settings of Andy Martinez with glowsticks in the middle of the night.
