Pro: We use this monitor for our two month old in a crowded apartment building in New York. The video is great, both day and night, which is what we got it for. We never pick up any other signal or have interference from another apartment. You can clearly see what baby is up to. The zoom and pan is also great. We are getting our son used to his new crib so sometimes he is in the bassinet and sometimes in the crib or falls asleep in his bouncer. I don't have to remember to move the camera. I just pan around the room until I see him.
Con: The microphone on this thing is very sensitive so you will pick up the sound of whatever is closest to it. For us its a clock on the same shelf as the camera. Because the baby is further away from the camera it does not pick up anything much below a real cry. As most parents figure out: if the kid is upset enough you can hear him without a monitor. We got the monitor so that we could check on him before he melts down. Also, if you live in the city there is lots of other noise. When we open the windows on a nice day, we hear the street traffic on the monitor too, causing a false alarm when a truck goes by. Also, with heavy video use, battery life is ok on the monitor, but could be better. I charge it every night, at least.
Overall: If you want to see your baby with ease, for example to see if he is asleep yet, or if he pulled his hat onto his face (which our son does a lot), this is great. If you just want to hear him, there may be a better (and cheaper) option out there.