Pros: Great warm light, and only 5 watts!
Cons: Being an LED bulb, it is expensive... not dimmable.
I own both the CL-3 and CL-5 bulbs. I have found that the CL-5 is, as expected, much brighter than the CL-3 - thus much more able to fill needs around your home for lighting. We are using them in our kids desk lamps they use for hours of study. Previously they had CFLs (originally incandescents) and we did not like the idea of the kids perhaps being clumsy or careless and breaking such a bulb right on their workspace. LEDs excell in the more directed task lighting roll.
The CL-5 has a nice bright, warm light. (There is also a cool white available). Plenty bright for a desk. Light is easy on the eyes, not harsh at all. It is not as bright, in our opinion, as a 60 watt incandescent - but nearly so... and at only 5 watts!!! Bulb is rated at around a 50,000 hour lifetime... at our usage, that will definately be around 12 years or more. Definately recommend this bulb.
<Update 10/09/2008>: I have recently installed two CL-5s as my garage workbench lighting. Ultimately I want my workbench to be only solar powered, so these bulbs being only 10 total combined watts are ideal.