Recs.
Updated
SpecsUpdate
Pros
Pro Has simulators and doesn't need specific steps to deploy for a specific target
While building requires an internet connection (which is listed as a con) the other face of the coin is that one doesn't need to worry about installing Android Studio, or whatever else SDK, to deploy for a specific target.
Pro Easy to learn
Corona does not throw photoshop-like madness full of buttons editor. You can go as fast as you want, learning and building game from ground up. Eventually, you'll learn how much corona is doing for you. But to start you don't have to master complex editor software. It's a great tool to learn to start game development if you want to learn how to program and make games. Your experience will be 100% transferable to any other Pro game engine.
Cons
Con Making a device build requires internet connection
To build your app for the device (iOS/Android/AppleTV) Corona requires to fetch resources from online. This would include base application template and plugins. This allows not to perform local build or use Xcode or Android Studio to do a build. Even Large games/apps would build very fast with good internet connection.
Your code never leaves computed. Corona SDK would transfer some information to determine which plugins and pieces has to be transferred in order to make a final steps in build.
As a bonus - you get basically one button press to get from your Corona Simulator game to game on a device.
Recommendations
Comments
Out of Date Pros + Cons
Con Closed source
Since you don't have access to the code, you can't make changes to the SDK. You have to implement workarounds on issues that have long been reported, but never fixed.