Pros: No chunks defense.
Cons: Poor spin.
TaylorMade's ATV wedges aren't the perfect wedge, far from it. I wish they'd have gone about the bounce issue a bit differently, the grooves aren't great, and I don't like the shape of the leading edge. But they've earned a spot in my bag because they take the chunked shot almost completely out of play, and perform admirably from all sorts of spots around the greens.
If you're in the market for new wedges, you owe it to yourself, for the simple sake of making this stupid game easier, to take a look at your short game, and to take a look at the ATV wedges.