Personally, I'm a fan.
I love that it won't fray, which makes it such a worry-free material for beginner sewers (like myself). Just cut out your shapes and start stitching. No need to take seam allowances into account or do all that messy folding under-- and it has enough body to it that it works great for making three-dimensional objects. Talk about easy!
Of course, even with something as easy as felt, there's always more to think about. Such as the pros and cons of the different types of felt available.
Until I started looking into making my first felt pin cushion, I never realized that there even were different types. Well, there are. ;o) More than two, even-- but the two main categories are "wool felt" and "synthetic felt".
100% wool felt is typically acknowledged to be "the good stuff"-- soft and available in a beautiful array of nuanced colors. Unfortunately, it is expensive and not readily available in most craft stores.
Synthetic felt has the benefit of being cheaper, and you can find it in most major hobby stores. You local Walmart may even carry this common crafting material in the crafts department! The downside is that it's less luxuriant than wool felt, and it can be easier to see through. Also, the stock at craft stores can be limited to mostly very bright and bold colors-- great for some projects, but not necessarily ideal for all.
Believe it or not, there's still more to know about different types of felt. (Yes, I was surprised, too.) Check out this Craft Critique article by Susie Ziegler to learn more about 100% wool felt, synthetic felt, and wool blend felt.