Pros: -Plays nearly every NDS ROM I've thrown at it
-Kernel is constantly being updated with new features
-Supports SDHC
-Easy to use

Cons: -Still some bugs that haven't been worked out (eg ARDS codes and Soft Reset) but these are not necessary features (and are constantly getting updates to fix)
-Media playback is rather lacking (proprietary video format, mp3s laggy when navigating menus during playback). If you want to use your DS as a media player, find a homebrew program, the in-built players are not that great.
-More expensive than some of the other Slot 1 NDS cards here at DX.

Other Thoughts: I've been using this card for several months now. I've also tried the DSTT (sku.15613), and while that card is fine for its price, its feature set just doesn't compare to the EZFlash. I've also (briefly) used an M3 Real, which is a step up from the DSTT, but still not equal to the EZFlash.
Save States and In-Game Walkthroughs were added/updated recently, and are nearly indispensable for some games. I haven't looked into it, but I don't know of any other cards that have those two features (the DSTT sure doesn't).
Since it supports SDHC, make sure you get a 4GB or 8GB card. It's well worth it to have all your favorite games in once place without having to change cards or connect to your computer and switch them out.

Bottomline: It's well worth the extra money you'll put down for it. The interface and feature set are amazing compared to the other cards I've used. And since the developers are still updating the kernel all the time, new features and stability make this a sound investment.

Pros: Good price.
Constantly updated.
SDHC compatable.
Lots of goodies shipped with it.
Easy to use menu.
Built in AR code engine.
Supports EZ 3-in-1.
Moonshell built in.
Auto-DLDI

Cons: Sparse on the advanced features (no real time save or walk-thru menu available on the stable kernel yet).
Tad on the slow side.
Built in support for the EZ 3-in-1 is a tad bad.

Other Thoughts: I love the constant updates and await the advanced features only available in the beta kernels at the moment.
Use Rudolph's gbaloader with a 3-in-1

Bottomline: I bought this card because I felt the TTDS was lacking something. I have been enjoying this card for a while now and don't plan to stop anytime now.

Pros: It's great thing for low price!! ;] Also more stuff in box than in New Year Edition - like card reader.
Easy to start - just copy kernel on microSD card, and start ;] No manual updating or someting - it works automaticly ;]

Cons: None :D

Other Thoughts: I use ez flash from first of ezV series, and never had problem with it ;] It's great that You can use big memory cards like 2gb or more - good for people, who want to keep a lot of stuff on their DS ;]

Bottomline: It's one of the best card for Nintendo DS and You can buy it for low price on DX ;]
EZ flash V+ is great :]

Pros: I have found that it was pretty easy to just upgrade my card with the Plus one, I just took my MicroSD out and put it in, and BUMP it loaded, its very good and the build quality is quite great. So no cheap shots.

Cons: I think they still need to upgrade the card, add the download play to the system so it works, otherwise it works great.

Other Thoughts: None at all.

Bottomline: Its one of the best cards after R4DS, which beat all, but this one is getting well known, they have room for improvement, that I dont doubt, but the card so far is good for what you need it. Playing games.