Pros: Very handy, compacts nicely, has a little carabiner on it
I have two Chico bags now. And I have to say, I'm a huge fan. In terms of aesthetics, not all are created equal of course (depending on where you get yours, it might be branded with something...for example, the Whole Foods Chicobags are kind of boring and standard, but one of the ones I got has a nice picture of the Earth).
But in terms of overall design, they're really very handy and well made. I love the fact that there's a little stuff sack you can shove the bag into and the carabiner is great if you want to clip the compact bag to something. The material of the bag itself seems quite sturdy (although I haven't put mine through super rigorous tests). And the handles are a good length to hold in your hand or throw over your shoulder.
They make great grocery bags or even shopping bags (assuming the thing you're buying isn't absolutely enormous or boxy). I highly recommend them.