I have one--
Pro's:
Fairly accurate, very compact (even with a 21" bbl), a good gas mechanism, cheap, even as a pre-ban.
Con's:
Runs HOT!, trigger pull can only be marginally improved, carry handle mount is too high, Lefties can't use it, fixed sights SUCK--you must have optics on the gun.
Some people have started to customize them. You can shave the carry handle off, and replace the cocking handle part with something more flush. Put a lower weaver rail on it. Cut additional cooling holes on the sides. You can cut a pre-ban's barrel back a little bit and still meet minimum length restrictions (and put a good flash hider on it--phantom or vortex). This runs a pretty good amount and cannot fix the trigger pull--the long trigger bar makes it hard to improve it, but you can smooth out the plastic channel it rides in, smooth a few of the parts, and grease up the channel, and it helps.
I just switched mine over from a BSA red dot to a Reflex II with the triangle, and it works great.
Bottom line--if you can get a post ban cheap, or a pre ban cheap, it makes a nice addition to a collection. I wouldn't pay over $800 for a pre ban (there are a few out there for that rate). I had an early one with the C-Clips holding the take down pins in, and I sent it in for the upgrades. It is stiff in the mag well now, but should smooth out later on (they replaced the entire lower with a new one). The next closest thing is a Steyr AUG, and that doesn't take AR mags like the M-17 does.