Yea, i downloaded it and tried it for five mins and then deleted it. Nothing too special, but one thing i noticed that it is awesome is the thumbnail view of the homescreens. Wish that would be part of our froyo update.
I've been using it for a couple months. I've tried several home replacements and this is the only one that didn't slow the phone down considerably (or at all, actually) and didn't crash. I really don't see any cons. I did make sure to remove all the widgets from the default Home since it's still running in the background.
The pros are all preference. I like it because you can choose which apps go on the bottom of the screen, and that's basically THE reason I use it. You can also hide apps in the drawer (ie, widgets that have an app showing in there, or the bloatware). You can even save your home screen config to SD and restore it later (that'll be great when we get custom ROMs and have to delete format /data).