Pros

Changes the file access and or owner to the current user quickly. If you don't need to do it a lot, it's great.

Cons

It does not allow you to paste in a folder path, nor does it start at the previous path when you hit browse, so it's a little annoying to keep repeating the same actions over and over when you have a lot to do.
It would be great if it would allow you to set which permissions to set, instead of shotgunning everything.
It would also be good if you could pick what account to set the permissions for. My drive suddenly lost a lot of permissions data, and trying to get it sorted out is a major problem. I'd like to be able to set SYSTEM and/or Administrators as the owner with full access in a lot of places, so I still have to do that manually.

Summary

Great program if you just need to deal with a couple of folder trees, and you just want access for yourself. If you want to reconstruct the full access rights, for instance so your backup program will restore (and backup) properly, you still need to do that part by hand.