Ranked in these QuestionsQuestion Ranking
Pro Blazing fast
Sublime Text is known for being extremely fast to start & use.
Pro Low memory requirements
Significantly lower memory requirements than alternatives like Atom, Brackets or Visual Studio Code which run in a webview (or whatever the correct terminology is), which can make a difference when working on a large project and/or when working on lots of files simultaneously.
Pro Rich plugin ecosystem
Better than Sublime itself is it's community that create plugins for every need.
Pro Works everywhere/OS agnostic
Looks the same across Windows, OS X and Linux.
Pro Very ergonomic (easy access to files, command pallete)
Con Closed source
Con Not technically free (unlimited free trial)
Sublime text is $70 to purchase, but does provide an unlimited free trial. However, the nag window to upgrade can be a pain.