Pros: Cheap. Tons of knives. Labels make it easy to pick the knife you want.
Cons: Seem to be very cheaply made and subject to early corrosion.
My wife and I received this as a Christmas gift for Xmas 2004, from my father. He had seen the TV infomercials and figured "what the heck". In summary, it is an "ok" knife set with a lot of pieces, but it will not come close to competing with quality equipment, in my opinion. The set comes with a large number of specialty and everyday use knives; choppers, paring, boning, fillet, carving, bread, etc. Though rather thin, they are quite sharp. It kind of seems like overkill, though. How many knives do most people really use day to day? (3 to 5? That's my number, excluding steak knives) They are clearly chromed steel rather than true stainless throughout, or at least that would seem to be the case based upon rust that began showing up on the steak knives in just a few months. If you are looking for a lot of knives for a little money, they are probably not a bad option. (Starting out, college students, etc.) I am seeing the sets for $39 at Kohls. But, if you really want quality, I would stick with brands like Chicago Cutlery, Kitchenaid, etc. (We bought a set from the later for about $99. It has much fewer pieces but the quality is far, far better in my opinion.)