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Pro 3:2 touchscreen 2560 x 1700 IPS LCD
The Google Chromebook Pixel LS has a 2560 x 1700 touchscreen IPS glossy display that is 3:2, which is great for programming giving more vertical space for text.
Pro Two USB-C and two USB 3.0 type A
There are two USB-C ports on the Pixel LS, one on each side. This means that the included USB-C charging cable can plug on either side making it easier for the user to sit where they like without a cord going in the wrong direction to the nearest outlet. There are also two USB 3.0 ports on the left side of the device.
Pro Able to replace Chrome OS with a full Linux install
The Chromebook Pixel uses a combination of SeaBios and processor that is able to install Linux fully on the hard drive, replacing Chrome OS.
Pro Encourages cloud-oriented programming habits
With other OSes, one can get into the bad habit of writing code that runs strictly locally, or to write code that isn't backed up in a repository. Using Chrome OS as one's primary development machine forces one to get into better programming habits, designing code that will run on some cloud hosting environment and ensuring that code is committed to a repository.
Pro Uses Coreboot / SeaBIOS rather than proprietary firmware
Con Cannot run Android development tools
Although some online IDEs make it possible to develop for Android, the Android development tools like "fastboot" and "adb" cannot be run on Chrome OS, making it difficult to install built apps on an actual phone.
Con Cannot develop for iOS directly
While one can write web apps targetting iOS on a Chromebook or other development machine, one can only develop native iOS apps on a Mac.
Con Storage cannot be upgraded
The SSD is literally soldered on to the board, so it cannot be replaced or upgraded without some very advanced tooling.
Con Expensive for how limiting the default OS is
While cheaper than the last model, the Chromebook Pixel is pretty expensive at $999 or $1299. Considering how limiting the OS can be, both are a pretty high price point.