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Pro Works even in the rain
While not rated for submersion, the Tile Gen 2 can withstand splashes or light rain. You don't need to be worried about getting your keychain wet.
Pro Can produce a siren to help you find your keys
This little device can produce a 90 dB sound, which is louder than a typical landline phone ringing. Once within range, you can open the app and select the tag you want to start ringing. This really helps you find your keys quickly.
Pro Tag can be used to find your phone
There's a small "e" button on the tag, and double tapping it will use the Bluetooth connection to make your phone ring. Your phone will ring even if it's on silent mode.
Pro Android and iOS compatible
Even if you and your significant other (or kids) have different phones, everybody can still use the Tile (as long as they have an Android or iPhone).
Pro Small and portable
The Tile Gen 2 is a square-ish device measuring 1.5x1.5x0.25" and weighing 1/3 oz. It can attach to any keychain without providing much added bulk.
Con Non-replaceable battery
The battery life lasts around a year, however you can't swap the battery out yourself. That means you'll need to buy a new Tile each year.
Con Limited to Bluetooth range
The range effectively is only around 90 feet (30m). If you have a general idea where you left your keys, this should be enough, however outside of that range this device probably won't help you.
Con Each account is limited to 8 tags
These tiles are very useful for different keychains, and if you have kids that have their own keys you can be limited by the number of tiles you can have tied to an account.
Con Non-directional tracking
Because the Tile uses a Bluetooth connection, it can't tell you which direction your keys are. Instead, it displays 8 bars, and the less bars that are displayed, the closer you are. It will take a bit more time to hunt your keys down like this, but there is also an alarm you can sound once you're within range to help speed the process along.