Pros...
-Nice and comprehensive readme, but maybe a little unclear for newbies.
-Supports MTS.
-Nice and tidy scripting, lots of error-checking.
-Comprehensive dialogs.
-Nice help-system, comprehensive and full of information. Also, there is a nice little startup-tips thing.
-Cool toolbar-editor. (I liked that one, will show itself very useful to many users)
-Nice MP3-player, I actually found this mp3-player to be one of the most easy-to-use mp3 players I have ever tried.
-Lots of nice features, amongst others a fileserver that everyone can understand

Cons...
-Personal protection is very unsufficient, you can obviously only specify general values for flood protection, you cannot specify type of any -kind. (ctcp, notice, invite etc) Also, you cannot only set ignore-time to 5 minutes or permament.
-Channel protection could also use some work, for example you cannot specify what type of mask to use for banning, and adding channels is a pain.
-Update server doesn't seem to work.
-Accessing misc. settings from channel-popups does not work properly. Not a real hassle, though.
-Feedback feature doesn`t seem to work. (on my computer)
-Strange bug in channel protection, I seem to kick myself when one of my clones are flooding. Otherwise, channel protection works fine.

Conclusion...
Since this is v4.1, I would expect it to have less bugs and more features, but overall, this is a very nice script