Pros

Industry standard, good for editing not so much for mixing. 64 bit software and 32 bit float recording ( even though others such as cubase, logic and many others achieved this years ago). Nice overhaul of the engine, it manages resources much better than previous versions, but consumes lots of ram, needs a lot of optimization still.

Cons

Unstable and buggy even if you meet avid's hardware requirements, crashes on both mac and windows, lacks innovation, comes with really crappy plugins, you have to insert an eq just to change phase, no channel strip, routing can be messy, worst of all it loses files, the software just doesn't understand relative file hierarchy, so if you move a session to another computer it will sooner or later loose files, they are there but protools won't find them unless you manually relink the files. Has a tendency to loose video files. Terrible support, they will blame your hardware or your audio interface even though it's core audio or asio compatible. Careful with updates to your os, they might break pro tools. It takes avid months to approve updates. The bugs will hinder creativity because you will loose focus cause you have to figure out how to manipulate PT into doing your bidding. some errors in earlier versions are still present. Horrible UI. No support for framerates above 30 fps

Summary

Being an Audio engineer for the last 10 years, with experience in advertising, music, sound design and dubbing I hate having to use it. It is a pro DAW plagued by bugs and crashes with terrible costumer support. you are better off with other options. This "industry standard" is slowly becoming very outdated