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Specs
Pros
Pro Stand-alone device
The HoloLens is a completely stand-alone device. You can use it without a PC or phone, and there are no external wires meaning you have completely unrestricted movement.
Pro Active development
This is a current product, and is in active development. Developer devices are shipping now (as of June 2016 they are shipping wave 4). This isn't a past project - it's here and now.
Pro Comfortable to wear
Instead of putting all the weight around one ear, the HoloLens balances the weight out around your entire head with its full band. The tightness can be adjusted to make sure the best fit is attained, and the front visor tilts up and down so it can be used in even more ways.
Cons
Con Limited use-case scenarios
While not specifically marketed for industry, it looks like HoloLens will be most useful to businesses as opposed to consumers. This is a full fledged headset, not a small screen in the corner of your vision.
Con Weighs more than many other headsets
Although comfortable on the head, the HoloLens weighs 1.5 lbs as compared to Google Glass, Vuzix, Epson Moverio, etc. which weigh in between 1.5 and 3 oz. Even if the HoloLens battery lasted longer than 2-3 hours, it would be difficult to imagine wearing the HoloLens for an entire day of work.
Con Developers only right now
To order the HoloLens, you need to be a developer in USA or Canada, and also a Windows Insider. Regular people can't order this yet - even if they had the $3000 required.
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