Pros: Very clean sound and adequate power for very very low price.
Cons: At this price, not really.
I've been using this little amp in my 2 channel home theater, running some bookshelf Silverline speakers, of about 87db sensitivity, connected to my dvd player. It's done an admirable job, always supplying enough clean volume.
Lately I've been using it to run a pair of Stax SR-5's (via an energizer box), and am amazed at the clean very well balanced sound. So far, I'd say it sounds better than my Sherwood tube amp (a bit too warm) and even my Pass Aleph (a bit thinner), as far as the headphones are concerned. Haven't been this happy with headphones ever before.
My Lepai has bass and treble controls, but also has a feature to disable those controls, creating a more direct line to the speakers. What a neat little amp. For $20., I'd say this amp is a super value.