Ranked in these QuestionsQuestion Ranking
Pro No feature creep
OpenRC follows the UNIX philosophy of 'do one thing and do it well', while it's true that it has more features than sysvinit, it does not stay away from its primary function with unnecessary added features.
OpenRC builds on top of sysvinit and adds some more useful features (like parallel booting) while still the simplicity that sysvinit is know for. Because of this it generally boots faster than other init systems, especially when parallel booting is enabled.
Pro Extremely simple
All configuration is done via shell scripts and symlinks. Shell scripts can then use various specialized utilities to ease the development of init scripts.
Pro Less dependency creep
Using OpenRC does not lock in a distribution by providing specific NON-POSIX extra services which programs then would rely on.
Pro A very balanced compromise
Basically OpenRC doesn't replace SysV init, but rather works with it, providing features that SysV is lacking while taking advantage of its benefits. It's also used by a fair amount of reasonably popular distros and is well supported and developed.
Con No socket activation
OpenRC does not have socket activation yet. It will be added in the future though.