Pros:
A true simulation with NPCs that have needs and desires that they actively attempt to fulfill.
Complexity is offset by a still daunting but nevertheless accessible tutorial.
Plenty of variety and options for players to experiment with and customize their governing/building style.
Excellent graphics for this kind of game.
Memorable, unobtrusive, appropriate music sets the mood.
Sandbox mode.
Retains the spirit, basic gameplay, and premise of the Tropico of old, while introducing plenty of new features and tweaks to the game mechanics that today's gamers no doubt expect and demand.
A next gen update to a beloved classic done well.
Great for both brief and lengthy play sessions.
A lot of fun once you overcome the learning curve.
Cons:
May be too complex for those who lack patience.
More online functionality would be nice.
The camera at times makes positioning some buildings on certain terrain cumbersome (this is not frequent and it isn't that big of a deal when it does occur. Just a slight source of frustration.)
Otherwise lush graphics are marred by noticeable jaggies (though these are still by far the best graphics you'll see in a game of this sort.)
The duration of the game - while you can save and resume at your leisure - may be too great for some players' tastes (though if you enjoy the game itself I can't see why this should be a real issue.)
Other Thoughts:
It is a crying shame that because retailers see Tropico 3, as its publisher Kalypso media put it, as a game that "would not be profitable enough for them," retail availability for this gem is unacceptably low unless you order it online. If you played the original Tropicos and loved them, or if you love Tropico 3, you owe it to yourself and to the hobby of gaming to let your local retailers know you want them to stock this game. It deserves your support, and unlike many AAA titles, really needs it.