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Pro Highly customizable
You can configure a plethora of settings, including shortcuts and aesthetics (background image, transparency, colors, and fonts) per software.
Pro Can be used with any shell
ConEmu allows running CMD, PowerShell, Cygwin, PuTTY, etc.
Pro Highly configurable hotkeys
Hotkeys allow the user to easily trigger an action and can be configured to their liking.
Pro Explorer integration
ConEmu integrates well with Explorer.
Pro Run DOS applications with DosBox
If you have both ConEmu and DosBox installed, you can run DOS applications (and games) within a 64-bit OS environment.
Pro Progress Bar integration
ConEmu permits the user to check up on the progress of an operation with a quick glance at the taskbar, without needing to bring the app to the foreground.
Pro Actively developed
ConEmu is under active development. Updates roll out almost daily with bugfixes and new features.
Pro Useful status bar details
Not only does the status bar show detailed information out-of-the-box, it can be configured for your specific needs.
Pro Tab support
ConEmu allows the user to create tabs (Win+W by default) for separate instances of the terminal window, allowing them to have both multiple shells and multiple instances of the same shell open. The user can also set up a startup directory for each tab and run each tab as a specific user or rights.
Pro Dynamically resize the window
You can change the width and height of the console window without having to reset your session.
Pro Free and open source
ConEmu is licensed under New BSD which is a class of very simple and liberal software licenses.
Pro Supports Jump Lists
ConEmu allows pinning commands to Jump Lists (available in Windows 7 & 8; accessed by right-clicking the application in the taskbar), giving you quick access to common tasks and configurations.
Pro Supports borderless mode
To put ConEmu in borderless mode:
Set Main -> Appearance -> Frame Width to 0
Pro Integrates with FarManager
ConEmu was originally designed as an updated front-end specifically for the FarManager, which means it has increased functionality.
Pro Transparent, Quake-style mode
Pro Search in console input/output history
ConEmu supports searching in all text that has been printed or entered in the console history.
Pro Auto discovers your shells
Zero config gets you all your installed shells.
Pro Built-in screenshot tool
The screenshot tool allows the user to capture their computer desktop or anything shown on their computer screen in a static image file.
Pro Run simple GUI apps within a ConEmu tab
Pro Box selection
ConEmu offers multiple, configurable ways of interacting with text, including an ability to select text in a rectangular way.
Pro Closest replacement for iTerm2 users
Supports many of the features that iTerm users have become accustom to (like multiple tabs, highlighting, configurable scroll bars, decent support for themed color pallets to support basic/solarized/etc.).
Con Bad scrolling support
The mouse wheel scroll doesn't transfer to terminal applications by default. It moves to the blank space instead of scrolling actual text content. This is especially true for ConEmu where there doesn't seem to be a way to make it work better.
Con Default look is somewhat unpleasant
In order to get a more pleasant look and feel, you may need to customize ConEmu yourself.