Flask is a python microframework. Aimed mainly at small applications and quick development.
Pro Minimalist without losing power
Flask is very easy to get up and going, with vanilla HTML or with bootstrap pieces. It doesn't take much lines of Python to load Flask to get headers working, etc, and since it's all modular you don't have to have something you don't want in your application.
Pro Extremely easy to build a quick prototype
Even though it's pretty minimalistic out of the box, Flask still provides the necessary tools to build a quick prototype for a web app right after a fresh install. With all the main components pretty much packed in the flask package, building a simple web app in a single Python file is as easy as it gets.
Pro Lots of resources available online
Flask is one of the most popular Python web frameworks, if not the most popular one. As such, there's plenty of guides, tutorials, and libraries available for it. A large number of important Python libraries, such as SQLAlchemy have libraries for Flask, which add valuable bindings to make the development process and the integration between these libraries and Flask as easy as possible.
Pro Very flexible
Flask gives developers a lot of flexibility in how they develop their web applications.
For example, the choice of not having an ORM, but instead choosing one suited to the task, or another area where Flask gives a lot of options to developers is the templating. They can use Jinja2, Flask's default templating language or choose from a number of different templating languages they desire.
Con Setting up a large project requires some previous knowledge of the framework
Setting up a large project with Flask is not that easy considering how there's no "official" way of doing it. Blueprints are a useful tool in this regard but require some additional reading and are a bit tricky to get right for a beginner.
The lack of some defaults can also be problematic. Having to choose between different libraries for a certain task is never easy, especially if you have never worked with Flask before.