Vive is a VR headset manufactured by HTC in partnership with Valve.
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Pro Allows freedom of movement
Vive supports room tracking in a 15ft by 15ft (4.6m squared) space, through use of a 'Lighthouse' (base station). The Lighthouse allows tracking an arbitrary number of points at sub-millimeter accuracy 100 times a second.
Pro Made by Valve - an experienced high quality vendor
The HTC Vive is made by Valve, the creators of Portal, Half Life, CSGO, TF2 and more. They are also the owners of Steam. This sets a bit of a precedent that Valve tends to know what they are doing when they do anything in the gaming field. While it does not promise the Vive will be a total success or exactly what everyone wants, it stands to be believed that Valve will create a good product.
Pro Comes with wireless controllers for interaction
Wireless controllers will be available for Vive that will allow interacting with the VR world. These controllers have motion tracking, allowing you to physically pick up and manipulate objects in a natural way. This allows much further immersion than playing with a standard console controller.
Pro Immersive experience thanks to physical movement tracking
Instead of merely providing a 3D 360° view, the Vive offers a more realistic immersive experience by tracking your physical movement (head movement, as well as hand movement through the controllers). Most VR headsets would allow you to pick up an item by pressing 'A' on a controller - the Vive lets you walk towards an item, reach out, and pick it up with your hands.
Pro Can walk around a room easily with passthrough camera
There is a camera on the top of the headset, meaning the player will be able to have that camera feed sent to their headsets screen, which will allow for the user to see what is around them and in the room without having to take off the headset. Also when you start up the Vive for the first time you set a play space boundary and when you get near that afterwards while playing a transparent grid pops up to say "Hey, you're about to run into a wall or something else!"
Pro Tied to Steam
Being that the Vive is made in partnership with Steam (one of the biggest gaming platforms in the world), the support and games found for it should not be an issue for those familiar and already purchased into the Steam ecosystem.
Con Quite expensive
With a price tag of $799, the HTC Vive is the most expensive virtual reality headset currently on the market. While it does offer more with included controllers and tracking cameras, the cost is higher because of it.
Con High specs for required minimum PC equipment is a barrier to entry
HTC suggests at least nVidia GTX 970 or AMD R9 290 for your graphics card, and an Intel i5-4590 or AMD FX 8350 or higher for CPU. If you need to upgrade computer components to be VR ready, the cost will be even higher than the Vive's $800 price-tag...making the barrier to entry extremely high.
Con Bulky cable can inhibit movement
The cable that is used to connect the HTC Vive to your pc and other Vive peripherals is quite bulky, which may also cause some tripping incidents.
Con Works best in large clear areas
While the device can be used in small confined areas, the best experience is going to be in a large empty room, which allows for one to have the room needed to walk around freely.