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  • Easy to use once set up. 
  • Can use in list views, which is excellent.
  • They work with groups. Add yourself as being a knowledgeable person about a topic
  • They are an automatic "chatter group" showing records and discussions around that topic. 

The bad

  • Is there really much benefit over the dreaded Multi-Select Picklists?
  • No reporting! Come on! What is the point of views if you can't also use this functionality in Reports - hopefully this is coming soon. 
  • No formulas! Stupid!!! 
  • No API! So it looks like there is no way to bulk assign topics to records via the dataloader or another tool (see http://docs.releasenotes.salesforce.com/en-us/spring14/release-notes/rn_api_meta.htm - no mention of topics). 
  • Not available to workflows or triggers.
  • Adding a topic in a chatter post does not add it to the record - topics in posts and topics on records seem to be completely different.
  • Note that setting this up will delete your public tags, if you have used them, though I don't know why you would have. 

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