PROS:
Location, Location, Location - You are close to very good restaurants, subway, Washington Square. And the apartment has ample space. Kitchen has all the flatware and dishes you need for cooking. Big windows that let in lots of light.
CONS:
Very few but they must be pointed out. No spices are available for cooking.
You'll need to go to the nearby store to get them. The unit faces the street which in New York also means that you will hear the garbage trucks in the early morning hours when the garbage is collected. The bed is a bit on the stiff side so for me and was a bit uncomfortable but some people prefer a very stiff bed (the pull out couch was much softer and that's were I slept).
Summary: Great place to stay while in NY. It beats many of the hotels. If I come back to Manhattan I will definitely come back to this apartment.