The Intel i5-4460 is a 22nm Haswell quad-core CPU that uses the LGA 1150 motherboard connection. It is compatible with DDR3 RAM and uses Intel's HD 4600 integrated graphics.
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Pro Easy to find cheap components
Being that this is a Haswell chip that uses the LGA 1150 socket, it is quite easy to find cheap motherboards and cheap RAM (DDR3) to use in those motherboards. This makes a good option as it is still a powerful chip comparable to even newer ones but allows for a wide selection of compatible parts. It also is a good choice for those that are already using a LGA 1150 compatible motherboard and would just like to upgrade from a less powerful CPU.
Pro Good choice for budget builds
At under $200 the 4460 makes a for a good mid range build. It will handle any casual game or even most AAA games without issue, though some that are really CPU intensive (such as Civ 5) may see some bottleneck.
Pro Efficient power use
When comparing to CPUs in a similar price range such as the AMD 8350, this Intel chip is more efficient for power use. That means less heat and a lower power bill. While newer generation Intel chips may have a slight advantage here, they will be more expensive as well, so this makes a good choice if heat, power and efficiency are a concern in this price range.
Con No hyperthreading
Even though this is a quad-core device, there is no hypethreading built into the chip meaning any apps or games that can take advantage of the multiple cores through hyperthreading will be unable to see that performance using this chip.
Con Can not overclock
For those that would like to squeeze a little more power out of their CPU by overclocking, that is not an option with this CPU.