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Pros
Pro Open source
It's made in HTML, CSS and JavaScript so it's extremely easy to make contributations. https://github.com/popcorn-time/popcorn-app
Pro It's free
Best of all... it's free! Because it uses BitTorrent.
Pro Cross-platform
Works on Mac OS X 10.7 and above, Windows 7 and above, 32-bit Linux and 64-bit Linux.
Pro The best quality
Watch your movie or episode instantly in HD and with subtitles. And then keep watching.
Pro No restrictions
Watch any movie or TV show as many times as you want. All you need to get started is a proper internet connection.
Pro Awesome catalogue
If the movie or TV show is out there, Popcorn Time will find the best version possible and start streaming it right away.
Cons
Con Not legal in most countries
It uses bittorrent protocol and the site is as legal as The Pirate Bay. If you respect intellectual labor then switch to alternatives.
Con All torrents are not from verified uploaders
Without making sure every upload they host comes from a verified uploader, users run the risk of their ISP sending DMCA notices.