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Pros: This has all been mentioned before, so I will not commeent on the pros.
Cons:  Space is an issue if you don't do what I outline below. It's got ONLY 8GB on C:, so we have to be smart about installing s/w.
 Boot up on Win XP Home version takes about 1.5 minutes. Even after that you have to wait for Google Desktop and other CPU/memory hogging s/w to initialize before the netbook is functional.
Other Thoughts: All of this applies to the 16GB SSD Win XP Home version.
 You can get this cheaper if you go to your local tech store. They have it for $299 + tax (~ $30)
 Default install by Acer has a bunch of crapware.
 Because of the 8GB C: drive, you will very soon run out of disk space if you install MS Office, Google Desktop, and Adobe Reader 9. Keep on reading...
Here's how to remedy : (Needs working internet connection)
 Uninstall MS Office (save the serial key if you entered one)
 Uninstall Adobe Reader 9
 Uninstall Java
 Uninstall Google Desktop and associated s/w
 Re-install ,  and  on D: drive. This saves precious space on C:. Remember to hit customize when installing MS Office and Adobe Reader.
 You can make do without . It's a 16GB SDD for crying out loud! Use MS Windows Search and tweak the settings to only search certain folders.
 Update using Microsoft update
After doing this, you will have about 1.5GB left on C: and about 6.