Pros: Nice tacky feel when new. Inexpensive. Comes in a variety of sizes.
Cons: They don't last as long as multi-compound grips. Not very good if you have sweaty hands.
The tour velvet is the basic grip that comes with a lot of new clubs. It inexpensive and easy to install. When new, the grip has excellent traction. However, I found that it wears easily. If you have sweaty hand, the grip loses its tack and become harder to grip. I had to change mine out in half a season, which was disappointing.