It was actually quite hard for me to divide some of the 3DS's features into pros and cons because some of them could be considered pros OR cons.  For convenience I have divided up most of the pros and cons into separate sections to give a more holistic look at them.

GREAT GRAPHICS, GOOD SOUND, SLEEK LOOK
The 3DS certainly has beautiful graphics.  Certainly the graphics will vary in quality and style from game to game, but the capability of the console to display the graphics is quite nice.  I've really only had experience with The Legend of Zelda: Ocarina of Time's graphics (as well as those that come on the device), but they're pretty solid.  If you own a Wii, the format of the system when you turn it on is quite similar.  The sound quality is also very good, and it gets quite loud-loud enough to hurt your ears if you turn the volume up all the way!  The 3DS is also quite stylish and, well, sleek.  Simply put, it looks cool.  The only problem (as I mentioned in the "cons" section) is that it gets fingerprints quite easily.  Of course that can be fixed with a (rather expensive) cover (mine is a Zelda one bought from GameStop for around $12.99), but then the 3DS doesn't fit in the (almost unnecessary) dock.  The system itself feels pretty sturdy (though I wouldn't recommend dropping and/or throwing it for fun) but is also bulky as far as transportable devices go.

Also, the 3DS has a built-in analog stick (which is quite innovative, in my opinion).  It is smooth and works well, at least as I have experienced it in my Zelda gaming.

CONTENT, GAMES OFFERED,SLOW LINE-UP, 3D FEATURE
There aren't currently many games available for the 3DS, and I was hesitant to trade in my regular DS because I lost the ability to play GBA games on it (a major, major con for me-however, this has affected more consoles that just the 3DS including the DS Lite as well as others).  However, the games that are available seem absolutely golden, and thankfully games for the regular DS are still playable on it (why Nintendo chose to release Pokemon Black early and not make a 3D version of it, I can't even fathom).  Honestly, the only reason I bought the 3DS was to play The Legend of Zelda: Ocarina of Time-however, I may invest in Star Fox 64, as well.

The games for the 3DS are unique because they offer the option to play with 3D graphics.  While these are, indeed, neat, I have not been able to play with them for long periods of time.  In addition, it took a decent amount of time for my eyes to adjust to the graphics, and even then I had to start out on the lowest 3D settings and work my way up.  More than a few minutes at a time of 3D play caused me minor headaches.  Also, the screen has to be at the PERFECT ANGLE in order for there not to be awkward shadows, and even when it is at this preferred angle, the shadows are still there.  Granted, this is new technology and very good for being one of the first of its kind, but it's also kind of awkward and, well, useless.   It's cool, but unnecessary and hard to swallow for long periods of time.

If you don't have games for the 3DS, the console comes with a variety of features that are, while mildly amusing, even more useless than the 3D-feature.   Content includes Health & Safety Information, 3DS Camera, 3DS Sound, Mii Maker, StreetPass Mii Plaza, AR Games, Face Raiders, Activity Log, Download Play, and System Settings.  As you can tell, it's a fair amount of content-however, most of it is quite unnecessary.  Most of it is self-explanatory: you've got information about using the system, a (3D) camera, a place to listen to things, a place to make an avatar similar to the one on the Wii, a place to enter into others' games, and settings.  StreetPass Mii Plaza allows you to interact with people passing by (using, I believe, Wi-Fi or wireless or something to that effect).  AR Games has to do with these little card things that come with the system.  It allows you to play games.  Face Raiders is a game that makes use of the 3DS camera.  It takes a picture of you and floats your face around for you to aim at and rescue.  The Activity Log includes a pedometer that works even in sleep mode.

However, I believe the majority of people buying a 3DS are going to give these in-console features a go for maybe a day or two and then forget about them.  They're neat and amusing, but the real reason people are going to buy the 3DS is for the games offered (whether or not they plan on making use of the 3D features).

OVERALL
The 3DS is pretty and new and offers great games.  However, I do not believe it is worth the price.  The only reason I bought the device was so I could play The Legend of Zelda with its updated graphics and in-game master quest, but this is because I am a Zelda die-hard.  The 3DS is certainly no replacement for earlier gaming systems.  The content it comes with (including the headache-inducing 3D feature) will probably go, for the most part, unused.  It will be a valuable asset to have in the future when more games are released (because the line-up is looking pretty promising so far even if much isn't out yet), but hopefully by then the price will have gone down.

Recommended: No