Pros: Price, performance, Non reference PCB
Cons: VRAM, stock cooling, VRM cooling, only SLI
They're also quite cheap and the stock cooler is quite poor, there isn't any VRM cooling and that certainly does not help temperature's, however as I mentioned before, if you're looking at a non reference GTX460 to watercool then this is a great contender.
The max overclock I could get out of both in SLI was 970/1940/2150 with 1.137v:
Pretty impressive considering that it performs much better than a GTX 580. You can check this thread out, ignore the driver review and check out the performance in single and SLI mode:
The GTX 580 cost twice as much as the GTX 460 in SLI. The other disapointing factor is that you cannot do TRI SLI and the VRAM limitation. The card/s are pretty amazing for 1080p and I'm sure it'll do quite well in 1200p, however due to the VRAM it may not be ideal for resolutions that are higher, 1440 and 1600p.
If you're looking for something cheap, want to water cool it, and play at 1080/1200p then this is one of those cards to consider.