Pros: Helps you multi-task, Helps baby learn, Keeps baby close, Variety of colors, Good instructions, Easy to wash/dry
Cons: Takes a little while to learn to tie
I bought the Moby Wrap while I was pregnant and went through the instruction book to learn how to tie it. It took a few times to get the tying down, but was really easy after that. There are so many different positions that you can carry your baby in with this wrap! I usually carry my son facing me, but it's nice to know that you could use it for back or hip carries if you want to. Carrying a baby facing out is a bit controversial, and it does show babies carried in this position in the book that comes with the wrap. I'm not sure if it's safe to carry them that way since it puts so much pressure on the crotch area (especially for baby boys) and may not be good for their spine.
The Moby was very helpful for my husband and I to multi-task while keeping our son close. You can do laundry, the dishes, and run errands while allowing your baby to see the world and your activities from your level. This is great, because it allows them to learn and to feel safe and secure. The wrap also comes in a wide variety of colors and includes a matching carrying case/bag (although we never put ours back in the case since it was used so often). Since my son was almost 9 lbs. when he was born, we transitioned him to a soft-structured carrier once he was about 6 mos. old and approximately 20 lbs.
I love the Moby Wrap!