Pros: soft, comfy, holds baby nice and close
Cons: time consuming to learn how to use, and takes a long time to put on /take off
THe Moby is a great early wrap, it just snuggles those newborns in close where you want them when they sleep for hours and hours anyway. I'd put it on in the morning and wear the baby for several hours, and the snuggle would help them sleep. Sometimes I would wear facing out too, though not as much.
It's not as good for when your baby is awake and needing a lot of other care and attention: getting them in and out frequently screws up the wrap and so if you're nursing a lot or practicing elimination communication and taking your baby to pee every 15 minutes, it's not a good carrier. In this case I switch to a sling or something more easy-in, easy-out.