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Pros: OC ability has to be mentioned first. 4.7GHz easily achievable and stable with the right motherboard. 4.5GHz is what I kept the chip clocked to most of the time over my 3 years of ownership. It never gave me any trouble while paired with an average water-block. Temperatures were always amazingly cool, at max I would get temps in the mid 70's C. I loved this chip!
Cons: If used with gaming in mind it Sand Bridge so no PCI Express 3.0 support. This was the reason I very recently upgraded to the 4770K. I also upgraded my GPU to pair the new 3.0 capability. When I compared the performance of the two chips with the new GPU (GTX 770) the results were very close. 3-4 FPS max. I see a difference when benchmarking and video rendering - I7 Hyper-Threading technology at work. In the end no cons - this chip stands up to the test of time very well. Compared to my latest I7 chip the results are very close.
Other Thoughts: Outstanding chip!READ FULL REVIEW