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Pro Different modes expand the utility of the controller
Typically, you will want to stay in Game/HID mode - this is the standard Bluetooth controller mode. iCade mode can be used for games that don't support Bluetooth controllers, although the Android recognises it as a keyboard instead of a gamepad. This trick allows you to use the controller where you wouldn't be able to use other controllers, however you will be missing out on the full experience as some of the controls may be wonky or simply not usable depending on the app.
Mouse mode doesn't help much as far as gaming goes, but for navigating the UI it works well. The last mode is App mode which allows remapping of the buttons (requires root access).
Pro Comfortable to game on for hours at a time
The Nyco Playpad Pro is a full size controller comparable to a PS3 or XBox controller. Because of its size, it's a bit less portable, but much more comfortable to game on as your hands aren't wrapped around a tiny controller.
Pro First party app available
Nyko offers a first party app to is used to customize controls (Android 4.0+ required) and find compatible games.
Pro Internal rechargeable battery
The Nyko PlayPad Pro lasts about 30 hours of gameplay per charge, and uses an internal rechargeable battery that is charged through a USB port. This is cheaper in the long run, and also generally more convenient than worrying about disposable batteries.
Con Face buttons small
The face buttons are on the smaller side which may cause discomfort to some.
Con Nyko Playground app is inconsistent
You can map some buttons, but you can't outright switch the controls (if you are left handed and want to switch the D-pad and 4-buttons actions you can't). Also, syncing the controller through the app often doesn't work.