Pros:

• Randomized world to explore makes every world unique.
  
• Steady difficulty curve rewards progression and preparation.
  
• Building a base can be a lot of fun. Creativity can yield impressive structures and bases.
  
• Cutting down trees is satisfying.
  
• A pretty good amount of content already, with more on the way.
  
• A mix of old graphics and modern lighting makes for a very pretty game.

Cons:

• Difficulty spikes can occur if unprepared, or if a group of upgraded enemies rush you.
  
• The core game loop mostly repeats itself through every biome.
  
• Combat can be clunky. Especially noticeable when on uneven terrain.
  
• Gathering of resources can be tedious.
  
• Inventory is limited, and only gets more limited as you try to bring the necessary gear to be prepared for anything.
  
• Weapon and armor durability.
  
• Can't teleport with certain items.
  
• Death is punishing.
  
• Food system requires a constant flow of meals or else your character's health/stamina pool becomes limited.

I know there's a fair amount of cons there, but overall the game is enjoyable, but there are a few things that can limit one's enjoyment. If you run into those things, I highly recommend checking out some mods to reduce/remove the things you dislike. I struggle to push through and complete the current content, but with a single mod, I've greatly increased how much I love this game.