We used four of these fixtures in a previous house (in black), and liked them so much that we purchased four more for our new Gray Craftsman (in nickel) which we like even more.  The finish is perfect and they look very elegant.  We use a round snowball-type bulb in it, which provides excellent lighting for our backyard, and we also dim them for softer lighting needs.

Pros: Inexpensive and attractive
Cons: None