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Pros: Very small/light, useful feature set
Cons: Web interface a bit limited in functionality; not dual-band; degrades performance with wifi as the WAN connection, but still usable
Other Thoughts: I like the idea of this for travel - configure your phones/tablets/laptops/game systems/etc to connect to one SSID (this), and just connect this to whatever is available (wired or wireless) at hotels and other destinations. Improves security as it keeps you from having to add all the networks to your devices (which in turn increases your susceptibility to attack from a rogue AP in the future) and acts as a firewall protecting your devices from other hosts on the outside public network.
The first unit I received was defective - with wifi as the internet (WAN) connection, it was so slow as to be unusable. The manufacturer sent me another one that works much better. It's still somewhat slower than connecting directly to the upstream wifi network, but in my view the positives outweight this.
On the wish list would be: dual radio/dual band (which would probably reduce the performance hit) more functional web interface (the ability to change outside MAC for improved anonymity) and the ability to VPN all traffic for greater security.