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.
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.
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 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.
Pro Very Efficient on System Resources
Uses multi-core and ram very efficiently.
Does one thing and does it well.
It can be ported to other UNIX and UNIX-like operating systems.
Pro Flexible and extensible.
I can add a new startup script for most cases in under five minutes. The ability to quickly insert new applications into the system is a big help.
Con No socket activation
OpenRC does not have socket activation yet. It will be added in the future though.
Con Not GPL
Con Not widely supported by distributions
From Distrowatch, only ten distributions (of which 8 Linux, 1 BSD) support OpenRC.
It would be nice if distributions allowed more freedom in init system choice.