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Pro Uses intuitive setting placement for gameplay
Pokemon GO takes place in the world around you, and invites you to go out and explore the area. There are Pokestops which offer items, and these Pokestops are typically interesting places such as libraries, churches, parks, etc.
Pokemon also typically stay in regions which appeal to them, water Pokemon show up more frequently around ponds or lakes, while normal Pokemon (Mouth, Ratatta, and Eevee) show up more in urban areas.
Pro Encourages walking around outside
You need to physically wander around to find pokémon, visit points, and incubate eggs (your phone tracks your steps which will eventually hatch the egg). It's a great incentive to get a little exercise.
Pro Rich experience thanks to a seasoned developer team
The Pokémon team grouped up with Nyantic Labs (creators of Ingress) for Pokémon GO. Nyantic Labs is affiliated with Google, and use Google's data to create a vast database of public areas. The partnership with the Pokemon Team allows Pokemon GO to use Ingress data to have a rich experience right out of the gate, sharing many of the same points of interest.
Con Drains battery fast
While battery life varies greatly person to person, with the constant data and GPS connection as well as the screen constantly on, Pokemon GO drains battery very quickly. Hardcore players will want certainly want to invest in a portable battery pack.
Con Requires a constant data connection
While it only takes around 15MB of data per hour (give or take), Pokemon GO requires a constant data and GPS connection. This can use up your megabytes fairly quickly if you go out somewhat frequently.