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Pro Different bulbs available
There are 3 bulbs that are part of Ilumi's lineup - the regular A19 LED bulb which replaces a regular 60-watt bulb, BR30 Flood LED bulb which offers more light ideal for track or recessed lighting, as well as an Outdoor Flood LED which is similar to the indoor flood light, but it has been treated to be weatherproof.
Pro Selective integration
The Ilumi works with Google's Nest Thermostat as well as IFTTT (If This Then That - an app and web service that lets you automate actions based on variables...it works like coding, without needing to know how to code). This allows for cool things like flashing the bulbs when you receive a call or text, turning on the bulbs when they sense your phone is near, etc.
Ilumi is also planning on opening its software to developers in the near future, allowing for even more unique uses, however that hasn't happened yet.
Pro No central hub needed
Each bulb hooks directly up with your smartphone, removing the need for any central hub.
Con Limited to bluetooth range
The Ilumi bulbs only use bluetooth (no WiFi), but they work together through a mesh network so that if you are within bluetooth range of one of them, you are in range with all of them. Range is said to be about 150 feet away from the outermost bulb.
Con Slow response
Two headlining features of the Ilumi are slow to react - Music Sync should change the color of the bulbs along with any music that is playing, however it lags behind and doesn't respond well. The same can be said for the Torch Mode which is supposed to turn on your lights when it senses your phone is near.
Con Very expensive
$60 per bulb is very expensive, even for smart bulbs. They are energy efficient, and also rated up to 20 years of lifetime which can help justify the cost a bit.