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Pros: *Easy update to ICS.
*Easy to Root and Install ROMS
*Optional Keyboard is great, though the touch pad can be finicky at times.
*Pretty durable, despite sounding very squeaky. Held up through two long trips and bringing it to school everyday. I did manage to make a small crack on the back though.
*High quality screen. Low resolution, but you wouldn't know by looking at it (unless you look for pixels)
*Excellent battery life. (16+ hours with dock)
*Lightweight (2.8 pounds with dock)
*Very fast on the 4.4 KatKiss ROM. Began to bog down on ICS though.
*Great for watching Netflix, emails, Facebook, notes, etc
Cons: *Sides squeak, just as other's have commented
*Quiet speakers, not high quality, but not terrible either. Just not very loud.
*Screen Glare. Don't even think about using this tablet outside. Even being directly underneath bright lights can be an annoyance.
*Slow down on Android 3.2 and 4.0. Requires flashing 4.4 ROM to speed it up again
Other Thoughts: I have owned this tablet (with the dock) for two years and have been overall very satisfied. I bought it used for about $250 (with dock) and for that price, I can't really complain. It is NOT worth $480 though. If you can find it for $300 or less and know to install ROM's, then this is a great tablet.
If you are looking for a light duty, light weight laptop, and you don't need Microsoft Office (there are many alternatives, I use OfficeSuite on Androud), then this could be a great little laptop/tablet.
Please note that these experiences are based primarily on my experience with the device running Android 4.4 which I flashed onto the device.