First phone by Google. It has the highest rated smartphone camera. Ever. A battery that lasts all day. Unlimited storage for all your photos and videos. And it’s the first phone with the Google Assistant built in.
Pro USB-C charger
USB Type-C port, the future of USB (much more resistant than micro-USB and allows charging either way...). If you have other modern devices you're likely having one of those already, and if not you have a standard short USB-A cord in the package (also micro-USB to USB-C adapter for charging are very cheap).
Pro Unofficially waterproof
Officially it's not waterproof (spill and splashes proof). However one guy already tried to immerse the phone in water for an hour and found it had no effect on the phone except distorting the speakers sound (while still wet, similar to officially waterproof phones).
Of course it is not recommended that anyone try this as it will most likely void the warranty and could potentially damage the phone.
Pro Fingerprint sensor can be used to trigger other actions
You can double tap the power button to start the camera, swipe the fingerprint sensor in various directions to trigger predefined actions like showing/hiding the notifications, which is pretty handy given it's on the back on the phone.
Pro Unlimited original size Google Photos backup
With this phone (only at the moment), you can back up on Google Photos the original version of your photos (full resolution) at no cost. Other phones can upload unlimited photos to Google Photos as well, although they will be compressed image files.
Pro One of the best cameras from 2016
Compared to other smartphones, the Pixel camera currently (October 2016) holds the highest score from DXO mark (in terms of color depth, saturation, etc). Many reviews also praise it as the smartphone camera which takes the best pictures out there. Also the camera really launches fast, allowing you to capture sudden moments. Although there is no hardware OIS (optical image stabilization), the software stabilization does a great job.
Con Not officially rated as waterproof
The Pixel (and Pixel XL) is not officially rated as waterproof, at all. It's only IP53 certified (5 for dust, 3 for water), which means it's pretty dust resistant, but would only survive a light rain or splashes, as opposed to the Galaxy S7 which is IP68 and iPhone 7 which is IP67.