Pros: If it gets you motivated, it'll get you in the gym; that's all that really matters in the end. The basic program of three full-body compound lifts done thrice a week, adding weight each time is a fantastic starting point for novices.
Cons: Too much time spent on frankly irrelevant biomechanics. The lifts are taught with bizarre technique. The presses and deadlift are taught fine, but there are large problems with the squat and power clean.
The squat is taught in a low bar style, which is excellent for expressing strength but not so much for developing it. Considering the high-frequency deadlifting that is part of this program, (done 1.5 times per week) it would be far superior to recommend and teach the high bar squat, which would meliorate the lagging quads that are a staple part of this program. "Hip drive" is a terrible cue for most lifters, and the low bar grip tends to cause more elbow tendinopathy than the high bar grip, which the book even says is more natural for more lifters.
The power clean instructions are bunk for reasons that I won't even get into. The fact of the matter is that the olympic lifts are highly technical and most will struggle to learn them without an experienced coach's guidance. Even then, uncoached lifters will inevitably develop bad habits in the power clean.
Lastly, the expected returns on this program are highly exaggerated. I can almost guarantee that it is but a small fraction of novices who run this program who will be able to smoothly run a linear progression to a 275 lb+ squat. However, this could be my gangly long-legged 6'3" self complaining for no good reason. Most would do better to switch to some generic intermediate LU routine than struggle for months to add another 5 lb to the bar.
In conclusion: the people who subbed in rows for cleans were right all along.

Low bar squats are for faggots