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At just $15, this is one of the most inexpensive smart bulbs available. It's great not only as a first step into smart bulbs, but also as an inexpensive addition into a Philips Hue or other compatible bulb system.
Pro Many options for automation
Robots is an easy to use automation tool that lets you take control and create your own recipes for your bulbs to follow (flash blue when you receive a text, flash red when the door opens, etc). Shortcuts are also supported - you can setup a cluster of lights to all enter a pre-determined mode with the touch of a single button. Also supported is scheduled lighting - you can have the lights dim near bedtime, and start to illuminate in the morning to help ease the sleep process.
Pro Compatible with many ecosystems
At launch it was only compatible with Wink, but since then has added Staples Connect, SmartThings, and Philips Hue Bridge support. This allows for a wide range of hardware (at varying prices), as well as your choice of ecosystem.
Con Poor lightswitch dimming
As with all smart bulbs with in-app dimming, dimming from a lightswitch provides less than optimal results. The two dimming systems both try to take control, which results in flickering and some buzzing.
Con Below average color rendering
The colors that the Cree connected provides are just below average for smart bulbs. At 80% of the spectrum, they fall behind the GE Link (90%), Belkin WeMo (88%), and Osram (81%) but a hair ahead of the Philips Hue (79%).
Con Hub required
You will need a hub, but at least you can pick your choice of hardware from cheap solutions ($30) that just control the lights to $50+ systems that can be the brains for your whole connected house.