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Pros
Water resistant- Being water resistant and occasionally made to be 100% waterproof keeps makes this product good for high traffic areas and bathrooms. Synthetic materials make it resistant to mold growth and will not buckle or warp when exposed to moisture.
Resilient- Usually has a protective wear layer that is resistant to scratching.
Comfortable- Made with an underlayment that makes the planks themselves sound resistant and quiet. Also, has a padded or softer feel due to the texture and underlayment.
Easy Installation- It can be installed via interlocking, floating, or glue-down over any type of sub-floor.
Cons
Can't Refurbish- Unlike traditional hardwood floors, LVT can't be sanded and refinished. When damaged it is hard to remove a single piece usually leading to the entire floor needing replaced. The styles tend to be retired about every 5 years which makes it hard to impossible to finding a replacement or match.
No Value- Usually does not add any value to your home for resale like traditional hardwood floors.