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Pros
Pro Fast to start up
It starts up fast because is not bloated. It has all the essentials of a text editor.
Pro Free
Free but capable alternative to BBEdit.
Pro Built-in FTP/STFP browser
Edit remote files easily.
Pro Robust
Cons
Con No Longer Maintained
Bare Bones, the developers of TextWranger, recently ended maintenance and support for the product. Per the Bare Bones website (https://www.barebones.com/products/textwrangler/): "We have sunsetted TextWrangler, and we encourage anyone interested in TextWrangler to download and use BBEdit instead."
Con Not Compatible with macOS High Sierra (10.13+)
Per the Bare Bones website (https://www.barebones.com/support/new-os.html): "TextWrangler is not compatible with High Sierra. We suggest that you use BBEdit as an alternative . . . ." Since Bare Bones officially sunsetted the product, it will unlikely be compatible with subsequent macOS release versions either.