Pros: Excellent glucose disposal agent (insulin mimicker), good antioxidant, invaluable for ketogenic dieting.
I have personally used ALA only for the purpose of speeding up entry into ketosis (fat-burning stage) of a Cyclical Ketogenic Diet, so I will not make any claims in regards to the effectiveness of this product othervise.
On the CKD, the rate at which you will lose fat depends on how fast you return into the state of ketosis after your weekly (or by-weekly) carbloading period.
Since ALA acts as a glucose disposal agent by mimicking insulin, it is a very effective way of cutting down the time needed to lower your blood sugar levels to re-enter ketosis.
On my first attempt at CKD, it took me approximately 2-3 days to return to ketosis after my weekend carb binge. This time, it is only taking me 36-48 hours. This means that I get an additional day of fat-burning per week. The only difference in my approach is the ALA supplementation. I take 200mg (2 pills), 3 times daily during the first 48 hrs after carbloading, and 200mg before meals during carbloading.
Another benefit of ALA on the CKD is its ability to allow more glucose to be stored in muscle. This is extremely beneficial during the carbloading period, as it improves muscle glycogen overloading (thereby improving the anabolic/muscle-building response), and minimizing fat-spilling (reducing the amount of carbs that go into fat). While I do not have an accurate way of measuring this effect, I do notice that my muscless are "tighter" and my skin gets less smooth on the same amount of calories during my carbloading period, which is indicative of greater absorption of carbs by muscle and lesser spillage into fat.
In addition to this, ALA is also an excellent anti-oxidant, and it promotes muscle gains over fat gains by increasing insulin sensitivity.