Pros:
View--can't beat it; best view on the island
Location--Princeville is a well-maintained development with a grocery store nearby, and great access to all the best spots in the north shore including Hanalei, Kliauea, Anini, and the Napali Coast.
Cons:
No soundproofing (BY FAR THE BIGGEST DRAWBACK)--this a 1bd/1ba unit on the ground floor of a two-story condo building. We had the misfortune of having a family of 6 above us (2bd/2ba unit upstairs). We could hear absolutely everything, including the screaming and running of the kids that woke us up 5am or earlier every single day. We complained w/ management on our second day but it did little to stop them. I spoke with a broker selling several units in the condo development and she said that most units are vaca rentals but to have a family of 6 is egregious in a condo of this style as it is older and poorly insulated.
No A/C = tons of bugs--we have been to all the Hawaiian islands and a few times to Kauai. Never have we encountered so many bugs in the place we were staying. The unit faces west so on a sunny day the condo gets very very hot. Without A/C, it is simply a free for all with bugs/bug bites.
Outdated unit--you can tell from the images that the condo is pretty outdated (which may contribute to the better price). It was fine for us, and they actually do a pretty good job of keeping it clean. But definitely not for those who are looking for a more luxurious stay. We found the bed and couch to be uncomfortable as well.