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Pro Extremely cheap
Costs just $5.
Pro Extremely small size
The Raspberry Pi Zero measures only 6.5cmX3cm and is 0.5cm thick. Making it one of the smallest (if not the smallest) single board computer that can run a desktop OS.
The small size makes it extremely portable and manageable, compared for example to the original Raspberry Pi which often looked clunky and large when strapped on something that would be moving.
Pro Can run a full HD display at 60FPS
The GPU that the Pi Zero uses is relatively powerful. In fact, it should be able to run a full HD display at 60FPS without any problems.
Pro Can easily be powered from any external battery pack
Because of its small size and because of the ARM based processor which is extremely energy efficient, it can be run with any kind of external battery pack, even those that are used to charge phones.
This makes it perfect for portable projects that need to be run even when not close to an energy source.
Pro Easy to install the official OS
All Raspberry Pi boards run Linux as a default OS, the Debian-based Raspbian specifically. Setting up Raspbian on a Raspberry Pi is a breeze and even someone who has not installed an OS before can easily do it.
By simply following the official documentation, you download the relevant software on the microSD card and boot up the board. After this, you can simply follow the instructions to install the OS.
Con Impossible to find one actually selling for $5
Usually out of stock or with shipping fee higher than $5.
Con No built-in Wi-Fi
Raspberry Pi Zero has no built-in WiFi card.
Con No Ethernet port
The Raspberry Pi Zero has no Ethernet port, which means that the only way to connect to the internet with it is through a WiFi dongle or a USB Ethernet port.
Con No built-in storage
SD Card required to boot, which further increases the price.
Con Has only two micro-USB ports
Due to its small size (and price) the Raspberry Pi Zero only has two micro-USB ports, and one of them is for power which leaves only one port for peripherals.
Con Needs micro-B USB to USB-A converter
In order to connect the Pi Zero to peripherals, it needs a micro-B USB to USB A converter since it only has micro-USB ports and most peripherals don't use that.