Pro's - 1) Unusually high quality lens, both in terms of construction (aspheric lens elements) and materials (ED glass), makes for very high quality pictures across the entire zoom range. 2) Stepless zoom - most cameras in this class "step", that is, they restrict you to a handfull of pre-determined points in the zoom range. So instead of, say, a "38-120" lens
as advertised, you actually have a "38, 50, 70, 90, 120" on these other cameras (Canon, Minolta, and many others). The Stylus lets you zoom to any point in its range, which makes it easier to frame your picture accurately. 3) Multi-zone metering detects and automatically corrects for backlight (putting the sun in the picture won't ruin your shot). 4) Spot metering option let's you tell the camera that you want to concentrate on a small area (your friend's face) under difficult
lighting conditions. 5) Focus lock let's you focus on your subject and then reframe (your friend's face again, next to the small tree in the foreground - you want your friend in focus, not the tree). 6) Flash modes for just about every conceivable need in a point and shoot camera. 7) Relatively high shutter speeds for a lens-shutter camera (1/630 second vs 1/400 or so on some other makes) 8) Advanced flash control adds the right amount of flash when needed, not too much, not too little 9) Small, lightweight, reasonably rugged, weather-resistant, clearly laid out controls, clamshell design protects lens when closed.
Cons - 1) Zoom range doesn't go truly wide - you won't get a large group in without backing up. This is common to almost all point and shoot cameras - most people will buy a longer lens rather than a wider one, thinking that "bigger is better". For people who would rather get the group shot, or that shoot indoors a lot, try the Stylus 100 Wide, which has a true wide angle lens in it (28-100mm instead of 38-120mm). 2) Clamshell design can develop problems with the electrical contacts (but other designs can develop problems with their lens covers, so you're trading one for another here, in my experience). 3) Red-eye reduction is oversold - they all have it, but it's more annoying than effective. To avoid red-eye, have your subject look just to the side, not right at the camera.
In short, as a "second" camera for the enthusiast, or a "main" camera for the mainstream user, this one's hard to beat. For the record, I have no relationship with any company or person in the industry.