Pros - This watch looks amazing.  The intricate engraving on the movement supports and counterweight are very eye-catching.
Accurate - Chinese movement or not, this thing is the most accurate mechanical-based watch I've ever owned.  I've wound it and set the time once since I opened the package, and it's accurate to within 5 seconds every day.
Comfortable to wear.  Normally, I find that I need a break-in period on leather bands to get myself used to the feel.  However, this is not the case with this watch; it was instantly comfortable to wear.
It's a light watch for one of its size.
For most automatic watches, I still have had to wind them in the morning, but not this watch. The spring is easily visible from the front dial and it always seems to wind to max tension within an hour or so of me putting it on in the morning, and I have a boring desk job.
The second hand stops when you pull the crown out.  This is handy for setting precise time.  Other mechanical watches have a secondary dial for seconds, which continues to count even with the crown pulled out, but since the second hand is on the main dial with the minute and hour hands, it stops when the crown is pulled out.
Hour markers have luminescence.
The second hand is smooth-operating as it is directly linked to the pendulum.  It ticks about every 1/3rd of a second, making it a near seamless movement.
You can get this watch cheaper on e-bay.  I bought mine for ~$45 USD, shipped, new in original package with tags and manual.  Well worth the price.

Cons - Along with the pro, it is a light watch.  Some don't like light-feeling watches and compare them to cheap ones.  I don't mind this, but others might.
The leather, while comfortable, is not top notch, but then again, you don't expect to get high-grade stuff at this price point.  Plus, you can always replace it.
The hands are similar in same color as the dial face.  This can make it hard to tell the time, but it becomes easier as you learn what to look for.
While the number markers have luminescence, the hands do not.  This nearly defeats the purpose of having luminescence in the first place.
Chinese movement - It specifically says ChineseAuto movement on the back.  This doesn't bother me, because it's accurate, but it might bother some.

The only thing I'm not sure about is durability and accuracy over time.  I haven't owned this watch long enough to make that conclusion.  However, if this watch lasts me 3 years or more, then I'd consider it a lucrative purchase.