Well, it's a decent scope, got to shoot it a few times during my service.
This is for the mil version of the scope, dunno if it's the same in the civil one:
UPs: reliable, dot is easy to spot even in a very bright light, controlable dot size.
DOWNs: Heavy compared to most modern reflex sights, operated only with batteries, hard to see through at dark nights (because of the anti-reflection material).
The IDF has pretty much removed them from service since they were quite expensive and because most of them were made to be mounted on m16, and since the infantry have fully switched to m4 it was a problem, since that adding a reliable arms mount for the Elbit costed more than the sight itself.
Now the IDF is using the Meprolight 21 and the ITL MARS.
Elbit Falcon&Trijicon Reflex:
http://img417.imageshack.us/img417/656/yamas253mh.jpg