Pros: legal in NJ, the UK, and other socialist regimes that ban HPs.
Cons: worse performance than a modern premium JHP. Smaller diameter and less penetration. Less reliable expansion through heavy clothing (contrary to Federal's marketing); apparently the clothing "cushions" the impact enough to mess with expansion. 20% don't expand at all, and 20% expand unevenly or only partially, on average, after hitting heavy clothing. And the broad meplat means they are just as likely to cause a jam as a JHP with a hollowpoint cavity the same size as the meplat.
Personally, I prefer heavier weight Remington Golden Sabers. They're a very robust design, and typically have excellent expansion, as well as excellent penetration. Especially in 9mm, they perform substantially better than most other loads. Only problem is that the lighter weight ones sometimes have a "problem" with core-jacket separation, though the seperation usually takes place after the 12" minimum penetration mark, so it's no big deal at all. And sticking to the heavier weight ones eliminates the problem.
Winchester Ranger Talons are okay, but some of the weights have shoddy and inconsistent performance (especially 155 gr .40 S&W), and Winchester's politics are abysmal (they refuse to do any ballistic testing whatsoever on their "personal defense" lines of ammo; only the law enforcement only ammunition gets tested). And in almost all calibers except for 230 gr .45 ACP (and even then, only some lots), the "talons" get folded back too far against the bullet shank to really be of much use, so they're mostly just a gimmick.
Gold Dots are also inconsistent in certain weights (9mm 115 gr, .40 S&W 165 gr, .45 ACP 200 gr), and may have troubles penetrating winter coats, as opposed to the generic IWBA "heavy clothing" (a recent shooting involving 180 gr .40 caliber Gold Dots had 4 out of 6 bullets failing to penetrate through the abdominal muscle of a very skinny beanpole of a perp, after going through a down parka). They're not a very robust design, and get screwed up more easily than bullets with tougher jackets.
Federal HST and Federal Tactical have impressive "on paper" expansion and penetration figures, but they most likely have the same problem as Gold Dots; lack of robustness, causing them to expand in very heavy clothing before even hitting the perp, resulting in ridiculously shallow penetration. That's only speculation on my part, though. But in general, bullet designs in which the lead core splits into "petals" along with the jacket/plating do tend to be less robust than other designs.
Hornady XTPs usually have problems expanding after encountering heavy clothing. But I guess that's better than overexpanding and underpenetrating, right?
Winchester Silvertips, Federal Hydra-Shoks, and other previous generation "premium" bullets all fall into the same category as the "budget" cheapos. Performance in bare gelatin is usually acceptable, but throw on some heavy clothing, and you've got the equivalent of an FMJ.