It's pretty solid. The only cons are that some drivers (especially wireless drivers) may not be available, so be prepared to install some yourself.
The other con is the lack of a "major" packaging system (like Debian/Ubuntu DEB, Fedora RPM , etc. binary compat support). I know they have their own, but...

Otherwise, I like it quite a bit - very clean and simple. The "light" OS that I currently use though is Puppy Linux, which may be a bit more user friendly at the cost of a little more resource usage. ISOs are around 90-150 MBs each, and RAM usage is quite low.

EDIT: I should also mention that you should download the Slackware version of Puppy. That's the binary compatibility I was talking about that I like.

SliTaz is nice, but I prefer Arch.  It is complicated to set up and maintain.  SliTaz while lighter than Ubuntu is in my opinion TOO lite.  I mean it could be different and you might love it, but personally I didn't like it.
You could check out Bodhi Linux as well, which is based off of Arch with the very nice Enlightenment.   Ubuntu has gotten very bloated over the past few years (well I guess it is meant to be packed with programs for noobs).
SliTaz is OKAY but it is very lite.
Just my two cents.

As was said, drivers were my main problem.  Also the package manager was lacking.  I preferred managers like yum and apt.
I don't know it is also just a feeling I had.  Its just hard to explain.  Just one of those feelings that I just didn't like it.

As like Juju said.  Plus Arch has an amazing beginner's guide and amazing resources on installation and on pretty much EVERYTHING you want to do.

Quote from: flyingfisch on June 21, 2012, 10:28:58 pm

EDIT:

Oooh, guess what i found:
http://hg.slitaz.org/tazpkg/raw-file/tip/doc/tazpkg.en.html#convert

This is a... ehh, tad bit risky. I have doubts that you can take any package and do that, unless I'm wrong and this thing is smarter than I think it is.
For instance... say you try to convert the meta-package, kubuntu-desktop. Will it download all the dependencies and convert those?
(Although that is indeed an extreme case, many packages require dependencies in order to run. You probably don't want to run around downloading them!)

As everyone has said, SliTaz is a nice light distro if you have a very standard setup. But if you have non-standard drivers, you're going to have a bad time... Wireless is a little bit of a pain to get working and for some reason, x refused to work on my last computer even with the drivers, so everything had to be done from terminal.