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Pro Easy to use
Theta has a button in the middle of the camera body that takes 360-degree images when pressed. This makes using the device very straightforward, if not self explanatory.
Pro Excellent portability
Theta is lightweight at just 95 g and small at 42 mm (W) x 129 mm (H) x 22.8 mm. This means that it can be easily carried around in a pocket or bag with practically no additional weight. Theta is therefore very flexible thanks to its size.
Pro Currently available, unlike other options
The Ricoh Theta is already shipping and has an established ecosystem of web apps, mobile apps, and strong user communities on Facebook and Google+. Most other options aren't available yet for purchase.
Pro Good value for money
This 360 cam is one of the cheapest of its kind, it's a perfect size , and it can be connected to the user's smartphone. All of this, plus the ability to capture the world at 360°, for a very reasonable price.
Pro Good accompanying software
Theta comes with Windows and Mac applications for managing captured footage, as well as iOS and Android companion apps that allow images to be taken remotely. Together these render the device extremely useful.
Con Poor image quality for the asking price
While there's no official word on sensors and image processors, expert reviews suggest that it's within the 5-6.5MP range. Theta produces reasonable images, but better images should be expected, given its price range.
Con Lack of expandable memory
Theta comes with 4 GB built-in memory which can only take videos of 4-5 minutes. Sadly there is no way to expand this memory as there is no external card slot.