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Pros: Fast - I get about 213 MB/s read and write with a Samsung 840 Pro SSD. (tested using Blackmagic on a Mac). I was considering buying the Seagate thunderbolt adapter+cable, but decided it wasn't worth it to pay $120 more for a 100 MB/s improvement over this.
Worked perfectly as soon as I plugged it in, and I haven't had any problems so far. Tried copying a virtual machine disk image (30+ GB) and it took about 2-3 minutes.
Cons: Doesn't look very nice. It seems to expect drives that are in some kind of enclosure, but works fine with just bare drives. Not taking off any eggs for this, since I knew it before ordering and it's going to be hidden in my desk anyway.
Other Thoughts: I'm using this with an SSD to backup large files quickly.