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Pros: This processor is incredibly powerful. I was in between a 4770k and this when i was researching. I am sold on the 2011 socket. Overclocking has been a dream with this cpu. 4.4ghz on air cooling with a max. temp of 52c. This processor downclocks when not using full power effectively saving on electricity. This cpu will cost you more in the long run with its higher tdp but opens me up to a hexacore upgrade without switching mobos. I have had no issue playing games at max settings with programs running in the background. A true multitasker.
Cons: Plain and simply the power draw. If you plan on basing a rig around this cpu then you need to invest in a high quality power supply and aftermarket cooler.