I'd say the best thing about the hat is that no one can tell you're bald. The second best is that it's a nice insulator to make up for the lack of hair. Third is that if you buzz your hair, it sticks really well to your head. Fourth, it doesn't get all stretched out after heavy use.
No real downsides, really. Except for the tag. I hate tags, and sometimes after wearing it for a while the tag makes it's way towards the face and you have to take it off and put it back on. In the mean time people see your bald head and say things like, oh I thought you had dreads, or something strange like that. It gets weird.