Pros Price, this is as low as you can go for a shotgun microphone. Has two different sensitivity levels. Good for basic dialogue recording in noisy situations, especially if you can place the microphone off the camera and a little closer to the subject.
Cons A little noisy (as in "hissy"), Don't expect the equal of a $1000 or even a $250 microphone.
Summary An external microphone that you can separate from the camera is always going to be better than the on camera mic. Even for the small price this one costs, it will sound noticeably better in most situations, particularly outdoors and in large rooms. If you can use an 8' extension cable to handhold it or put it on a boom closer to the sound source, hollywood style, you'll really hear the difference, for the better, over the built in mic on your camera..