Pros: It's one of the few (if not only) products that really holds inkjet print and preserves the quality of the colors, the image, etc. Also goes on easily and grabs beautifully - I've sanded lightly over it, distressed the edges and have even painted over it.
Cons: If using on signs, other vinyl projects, the image is heavily raised and has a sticker-like quality. If you need this for decals, with the laminate I imagine it's a perfect solution and I highly recommend trying it out. I was looking for a thinner transfer-like image and had a hard time masking the edges on a multimedia project. On projects where exposed edges aren't an issue, this would works perfectly.