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Updated
SpecsUpdate
Pros
Pro Fast compiler
Eclipse uses a custom compiler (which can also be used outside of Eclipse), which is often faster than the normal Java Compiler, especially for incremental compilation.
Pro Gives good perspectives on your project
The concept of perspectives is outstanding. It puts right tools at your fingertips, keeping the tools you currently don't need out from the workbench. For example, in VCS perspective it's all about versions and branches. In debug perspective it's all about state.
In java ee project it can show http endpoints in a very accessible manner.
Cons
Con UI can be confusing
There's an overly abundant presence of menus, this forces you to constantly click around the different menu structures; foreign ideas, like Views and Perspectives; strange menu choices, like configure settings located in Windows menu->Preferences.
Con Poor language support via plugins
Eclipse supports other languages with a huge amount of plugins. Many languages have their own distribution, but multi-language is hard to exist in one project. Like Scala, there is no official support from Eclipse for this language. If Eclipse gets an update, languages such as these will not.
Con Newer versions are getting less stable
Eclipse 4 Neon randomly hangs. For example, during installing new software.
https://bugs.eclipse.org/bugs/show_bug.cgi?id=513218
Recommendations
Comments
See Product Page for "Eclipse"