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Pro Compatible with most games
ZSNES has been in development since the 90's, and in that time has been fixed to run the vast majority of SNES games smoothly.
Pro Fast playback of ROMs
ZSNES is hand-optimized for x86, so it will run incredibly smoothly even on older computers.
Pro Games can be saved at any point
Pro Built-in audio capture
Game audio can be saved to a .spc file.
Pro Built-in support for cheat codes
ZSNES supports Game Genie, Pro Action Replay, and GoldFinger cheat codes.
Pro Built-in video capture
Gameplay can be recorded and saved as both raw or lossy files. Quality settings can be tweaked in zmovie.cfg file.
Pro Multiplayer support
Games can be played with other people over TCP/IP network.
Pro Can speed-up and rewind games
Con Inaccurate compared to competition
ZSNES sacrifices emulation accuracy for speed (relative to e.g. Higan emulator). Sound emulation is a particularly large weakness.
While no official statement on discontinuing the software was made, last progress update was posted in 2007 and now seems highly unlikely that any further updates should be expected.