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Pro Reflective display
Instead of shining light directly into your eyes, the light simply reflects off the glass, meaning its less obtrusive.
Pro Adaptable technology
The technology used in the Carl Zeiss Smart Glasses project can be transferred to normal glasses, or wherever curved glass is present. This solves the fundamental issue with Google Glass, which required an out-of-place flat piece of glass to function.
The glasses look very much like regular, non-smart glasses.
Con Hardware only (for now)
Carl Zeiss is a company that makes optics, and doesn't work on software. This is only a hardware solution, with no software implementation yet. Currently Carl Zeiss is seeking a software partner, however this will take time for them to develop a complete product once they do find a suitable partner.
Con Not yet available
These glasses are currently in prototype stage. It's not clear when and even if they will go into production.