Pros:

Adds player health to HUD
When used with Urik's custom icons, side panel and HUD show high res textured photo quality icons.
While the HUD offers much better quality and information, it offers more screen view of the game.
Death icons MUCH improved.
Colors are great.
Everything else

Cons:

I hate it when people say this but, nothing. This mod has has so many updates it is to the point it is perfect.

Conclusion:

If you are playing L4D2 and you are not using this, shame on you. You are missing the best mod for L4D2. Valve should look at this when working on L4D3.