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Pros - Grates parmesan so it's fluffy rather than grainy; zests a lemon very easily
Cons - none
I have four Microplanes in my knife drawer: two zester/graters, one ribbon grater, and one spice grater. Mine all date back to the "classic series," meaning they have the black plastic handle -- which was the only thing available back then. It looks from the pictures on their website that the only change is a fancier handle.
I was never able to successfully zest a lemon until I got my first Microplane. Zesting is now a breeze. No matter how hard a nicely aged chunk of parmigiano reggiano stravecchio is, the grater tackles it with ease, It grates fresh ginger like a champ.
Mine have gone through the dishwasher many times and suffered no ill effects. The remain shiny and sharp.