Pros:

1. Simple interface with more than the basic tools (sizing, colour, etc), nice to see layering, alignment, etc.
2. They do offer a free option for download.
3. Large selection of different "starter" logos to choose from.

Cons:

1. The stock logos are pretty poor quality, they don't provide very modern designs.
2. The big part of a logo is personality and something which will help your brand become recognisable, not sure how applicable this could be for a real company as the starter logos aren't going to breed personality without the use of a designer, and if you have a designer you may as well use professional software.
3. Doesn't use hotkeys, which is kind of annoying when you're designing anything.
4. In order to get anything other than the low-res version, you have to pay, seems like it's nothing but a loss leader for a web design company.