Pros: Cheap, small, no external caller id
Cons: Quiet ringer, short battery life, not a lot of options, no external caller id, coverage gaps
Summary: I'm currently involved in a cross-country move (from Iowa to southern Texas) and needed a number local to the area I'm moving to, so I picked up the cheapest Tracfone I could find at the Wal-Mart before heading back to Iowa to pack.
I paid approximately fifteen dollars for the phone, and I suppose I got precisely what I paid for.
I tend to be rather klutzy, so flip-phones work best for me (my first phone was a bar-phone, and I managed to shatter the screen mere days after getting it). This particular phone doesn't have an external screen for caller id or time, so it has to be opened to check that. It's added hassle, but it also means there's less to break - the reason why it's both a pro and a con.
My two main gripes about the phone are the fact that, even with the ringer turned up as loud as it can go, it's still not loud enough to wake me if I'm asleep or to catch my attention if I've got the radio on in the car and the fact that the battery will completely die on me in about twenty hours, even if no calls were placed or received.
To a lesser extent of frustration, there aren't a lot of customization options for this particular phone, meaning ringtones, screen backgrounds, etc. Not a major problem, sure, but one that should still be kept in mind.
Probably the most important of the cons is the fact that it doesn't receive a signal in areas where other phones show at least partial strength. This is a particular issue when in rural areas or when in large buildings (for example, a casino my friends and I often meet up at shows half-strength signals on their phones - everyone has different makes/models/carriers - but this phone shows no service at all once inside).
On the upside, it is a cute, lightweight little phone and would probably be a good option for children and teens, especially since it's so inexpensive.
Overall, I'd say that it's serving the function for which it was purchased - a stopgap until I can finish moving - but I already plan to replace it with something louder and that can go longer without needing charged once I'm moved.