iBooks Store is a digital eBook store created by Apple.
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Pro Send eBook as gift
iBooks recently updated their store to where users can send eBooks as gifts to their friends and family.
Pro Self publishing
Users can self publish their own eBook via the iBooks store.
Pro Sells textbooks
iBooks has textbooks for sale with a store wide rule of offering them at lower prices then what is seen on college campuses.
Con iBooks uses its own DRM scheme called Fair Play on .epubs sold in the store
iBooks does use .epubs for its eBooks but sadly they are encrypted with their own proprietary DRM called Fair Play. This means any .epub that has Apples DRM purchased from iBooks will not be able to be used in other .epub eBook readers.
Con Forced to use iTunes or an Apple product
There is no webpage for the iBooks Store which means there is no way to browse Apples eBook selection without using one of their device or installing iTunes.