PRO: (and these are what you are paying for)
good PAR
normal 2'x2' coverage
inexpensive
CON: (all minor issues)
ugly Chinese black box case (personal aesthetics)
no built-in timers (easy to do with external timers, but built-in is nice)
only 2 channel of color control (typical of less expensive fixtures, more control costs more money... and is it really needed?)
it has red & green leds which add to the disco effect (I covered them with black electrical tape)
Questions to ask: (again, mostly minor issues)
doesn't come with legs? (only important if you want them and it doesn't have them)
is the case steel (rust) or aluminum?
is it painted (cheap) or powder coated (better quality)
does it have 'real' finned heat sinks or just a sheet of aluminum?
Are there better units out there? Of course. But they also cost more money and if you don't feel the need for the improvements you pay for, then the GalaxyHydro is a perfectly good fixture.