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Pros
Pro Includes a couple of enthusiast-level features
The camera can shoot RAW and offers Program and Aperture priority modes.
Pro Large aperture lens allows for more creativity
TG-4 has a f/2 maximum aperture lens while most similar cameras have f/2.8+ lenses meaning the camera is able to capture more light and thus perform better in low-light situations as well as being able to better separate the background from foreground.
Pro Good image quality for the price
While the results aren't perfect - there's a considerable amount of noise reduction that's being applied to JPEGs and shooting RAW quickly introduces chromatic noise - TG-4 offers among the best results in its class.
Pro Can live-combine long exposure shots
The camera can be set to capture multiple long exposure shots and combine them live adding only new light sources to the combined image. A great way of capturing light trails of cars and fireworks into a single image without worrying of overexposing the image.
Cons
Con Non-removable battery
Battery can't be swapped with another so if you run out of charge you are forced to wait until it charges to use it again.
Con Exposure is limited to 4 seconds
While you can combine multiple shots together, taking one shot is limited to 4 seconds of exposure.