First phone by Google. It has the highest rated smartphone camera. Ever. A battery that lasts all day. Unlimited storage for all your photos and videos. And it’s the first phone with the Google Assistant built in.
SpecsUpdate
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Pros
Pro Software remains up to date
Given it's a Google phone, new updates will roll out rather frequently and for a long time on this phone. So you'll get the latest Android.
Pro Likely the best smartphone camera from 2016
Compared to other smartphones, the Pixel camera currently (October 2016) holds the highest score from DXO mark (in terms of color depth, saturation, etc). Many reviews also praise it as the smartphone camera which takes the best pictures out there. Also the camera really launches fast, allowing you to capture sudden moments. Although there is no hardware OIS (optical image stabilization), the software stabilization does a great job.
You can see a comparison video here of the Pixel against the iPhone 7, Galaxy S7, HTC 10, Sony Xperia XZ and LG G5.
Pro Unlimited original size Google Photos backup
With this phone (only at the moment), you can back up on Google Photos the original version of your photos (full resolution) at no cost. Other phones can upload unlimited photos to Google Photos as well, although they will be compressed image files.
Pro One of the fastest CPUs (in 2016)
The Google Pixel is using the new Snapdragon 821 processor. Other phones from earlier in the year have used the Snapdragon 820. The 821 only has minor differences to the 820.
Pro Integrated Google Assistant
Google Assistant is a more refined Google Now. It's more conversational, and can do different things instead of being limited to a single app. Google Assistant can bring up relevant information in more places than Google Now could, such as conversations within the Duo app.
Pro Fingerprint sensor can be used to trigger other actions
You can double tap the power button to start the camera, swipe the fingerprint sensor in various directions to trigger predefined actions like showing/hiding the notifications, which is pretty handy given it's on the back on the phone.
Pro USB-C charger
USB Type-C port, the future of USB (much more resistant than micro-USB and allows charging either way...). If you have other modern devices you're likely having one of those already, and if not you have a standard short USB-A cord in the package (also micro-USB to USB-C adapter for charging are very cheap).
Pro Daydream VR ready
The Pixel supports Google's VR standard (Daydream) with very rapid refresh rate, and all the required highly sensitive sensors.
Pro Exists in small and larger form factor
The spec are the same for both sizes, except the battery (2700mAh on the 5" Pixel, and 3450mAh on the Pixel XL) and screen resolution (1080p on the 5" Pixel, 1440p on the Pixel XL).
Pro Best Android based UI
Google Assistant, Pixel Launcher, Google Camera, and other google services are available only for pixel devices.
Pro Icons provides shortcuts to functions of that app without opening that app
For example, if you want to send a message, a long press on Messenger opens up options to start a new conversation or continue a recent conversation.
Pro Unofficially waterproof
Officially it's not waterproof (spill and splashes proof). However one guy already tried to immerse the phone in water for an hour and found it had no effect on the phone except distorting the speakers sound (while still wet, similar to officially waterproof phones).
Of course it is not recommended that anyone try this as it will most likely void the warranty and could potentially damage the phone.
Cons
Con Not worth the price
The cost is bit higher than the related specs.
Con Camera may have lens flare issues
Some consumers have reported issue with lens flare in their pictures. It is not widely reported, but does seem to cause some people problems.
There is also a similar issue on the HTC 10, which is a close hardware design to the Pixel.
Con Not officially rated as waterproof
The Pixel (and Pixel XL) is not officially rated as waterproof, at all. It's only IP53 certified (5 for dust, 3 for water), which means it's pretty dust resistant, but would only survive a light rain or splashes, as opposed to the Galaxy S7 which is IP68 and iPhone 7 which is IP67.