Pros: Small
Versatile
Quiet (no moving parts)
Cheap (MSRP $35)
Uses a normal sized SD card rather than the microSD card used by the Raspberry Pi B+
Powerful GPU (easily decode 1080p video)
Runs Linux!

Cons: Does not supply enough power to USB ports (not a problem with a powered USB hub added)
Only comes with two USB ports (not a problem with a USB hub added)
Weak compared to the new Raspberry Pi 2 (also $35)

Other Thoughts: I've had this for 9 months and have done various projects with it. It's a great tool for Linux enthusiasts and people who want to play with Linux (especially command line).

I am currently using this as a NAS (I'm calling it my NASberry Pi now) with two 1.5 TB hard drives (for redundancy). The hard drives and wireless dongle are plugged into an old powered USB hub so they get enough power. Then I have the Raspberry Pi's power cable connected to the USB hub as well. All I have to do is plug the USB hub into an AC outlet and the entire thing boots up and connects to the network in just a few minutes.

I have Samba shares set up on one of the hard drives which get mounted on all the computers in the house (a mix of Linux and Windows). Anything that gets copied to that hard drive will be synchronized (thanks to rsync) to the other drive at 4:00 AM every morning.

Pros: inexpensive, fun

Cons: It's picky about power supply and sdcard quality

Other Thoughts: I bought one of these for myself last year for my birthday. I built a multimedia player for the living room. It was a fun project.

Pros: swift receipt of item

Cons: packaging sufficient but minimal padding

Pros: Too many possible applications to list! I got two without knowing exactly what each one would do. Download / media center? You can do that easily with OpenElec. It has a rather slow CPU, but it can be easily overclocked. While the processor is weak, the GPU can decode a 1080p video full-screen without breaking a sweat. Its RCA video port means you don't need a fancy HDMI input on your TV to make it work. In fact, I was able to use it on a 15" CRT TV.

Learn Linux? Check! Unlike your average distro, Raspbian has taken care to put README files in interesting folders to explain what they're used for. You can use it, break the system while learning it, and restore in a few minutes without disturbing your main machine. Raspberry Pi's forums are full of helpful and reactive volunteers.

It doesn't make noise, so you can leave it on for task you don't want to assign your main machine.

Its GPIO port means you can easily set it up to control another machine (robotics, scanners, etc.), form the core of an alarm system, a function that's not available at all on regular computers.

Record 1080p videos? Check! Send it in the stratosphere to take some pictures? Already happened.

Self-hosted website? Check! OBD decoder for your car? Check! A Time Machine or other low-intensity file server? Check.

Cons: Well it comes naked, as you already know. At the very, very least you'll need a rock-stable USB power supply, at least 1A (700mA just isn't enough), a 4GB SD card, and a network cable, usually stuff one already has lying in a drawer. Keyboard, mouse and monitor are optional since this computer can be controlled through its connection (BTW that's standard on Linux machines).

Only two USB ports. Some may find it sufficient, but bear in mind this little thing can't provide 500mA per port like the USB standard command. That means no power-hungry external HDD unless you get a powered USB hub.

No VGA output, even with an adapter. That means if you have one of these hundreds of regular monitors, or even first-generation LCD monitors, you can't use them.

No Gigabit ethernet. That's a shame in 2014 and prevents its use as a serious file server. You can still add a USB-third-Gigabit converter, though.

Too bad Newegg doesn't hold the Pi's accessories like the camera and GPIO ports labelling and offer them as a bundle. Cheap enclosures can be found elsewhere, but they are just, well, cheap, i.e. low quality.

Other Thoughts: This is the miniature computer everyone talks about. At first I thought it wasn't available in Canada, like so many great stuff from the other side of the pond. But then I was caught off-guard when Newegg had it, buried deep in a specials email. The special was the trigger I was looking for. At $US35 normal retail price, the special put it just a tad above that value, as lower $CDN value commands. For me, it was enough of a trigger to make me buy not one but TWO!

For the purpose of learning, there is a great introductory book written with kids in mind. Get it if you intend to use it for that.

Pros: A 3,000 character limit for listing the Pros doesn't suffice. This is the second, and likely not the last, RPi I'll purchase. I've been finding so many uses for this it's insane.
1. I've used XBMC as a media center for my wife to have a cheap HTPC in the kitchen.
2. I've set up XMBC as a media center in my wife's van. Coupled with a wireless router and the Yatse Android app, my kids can control what they watch without fumbling with a DVD player.
3. Coupled with a Bluetooth OBDII reader, it displays detailed engine status readouts from my car.
4. Coupled with a $10 USB GPS receiver, I used freeware to set up a cheap GPS navigation unit in my car.
5. Using the Raspbian OS and Scratch, I started teaching my kids to program. At $35 for the processor, and only 5 minutes to reload the entire OS, I don't care if they cause any damage.
Next stop, robotics projects with the kids!

Cons: Uhm... user friendliness? It took next to no technical knowledge to load NOOBS or XBMC and configure them. To set up advanced features like setting up an ad hoc network from within XBMC, you might want to consult a LOT of forums before proceeding, or have a Linux guru on speed dial.

Other Thoughts: Final verdict: AWESOME! Do you need some technical knowledge to use it for basic features - probably. To use it for advanced features - definitely. But if you're looking at buying one, I'd hope you know what you're getting in to.
Consult the many forums for ideas for new projects, and how to complete them.

Pros: cool device

Cons: no gigabyte ethernet

Pros: power saver

Cons: usb device limited power

Pros: Board is easy to work with and runs with no interaction. Currently using it as a dns/dhcp server at my house

Cons: Never was able to get the video working, had to scan my network to find it.

Pros: I Bought this for my Little Brother (he’s 13) for a school project (I didn’t help him program it he did it all himself so it must be easy to use) he used it as a FM Transmitter and it works really well now that project is over he uses it to stream Netflix and other media server uses...

Cons: Should have bought 2

Pros: Small, portable and easy to set up.

Cons: None really.