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Pros: Mostly good sound. Bass distortion is kind of obvious (to me) at higher volumes, but it's passable. It does what I need it to do - takes the sound from the HDMI sources and puts them into my speakers.
Cons: Speaker setup is kind of unintuitive. The user manual isn't that helpful either. It's also not available online so DON'T LOSE IT!
There's also no on-screen display, and the HDMI video takes a few seconds to sync (i.e. once you select a source, it takes 2-3 seconds for the video to show up on the screen and another 2-3 seconds for the audio to kick in.)
But, for this price, all of these cons are tolerable. My TV takes 10 seconds to warm up anyway, and you only need to set up the speakers once.