Pros:
Intelligent difficulty level that slowly teaches you the song
Learn real songs with a real guitar
Fun arcade games to help you master guitar techniques
The supplied cable is well-made and easy to connect to both your guitar and to the console.
The interface is clean and clear. Navigating through the menus is easy and intuitive.
The note tracking is remarkably good, especially for individual notes.
The sound quality of the emulated amplifiers and effects is excellent.
There are lots of tutorials explaining exactly what you should do and how to do it. These tutorials appear in-game as you encounter new gameplay elements.
The mini-games are fun.
Most importantly, there are lots of great, licensed songs to play along with.

Cons:
Practice features could be better integrated
The graphics are dull. They do little to add to the excitement of playing on stage in a band.
Lag issues with HDMI audio through some TVs.
The tutorials occur too often after you’ve learned the concepts they teach. For example, the tutorial for the Bending Technique Challenge will appear before the challenge every time you try it, even if you retry the challenge back to back. That gets old quick.
You are forced to check your tuning constantly. I understand that proper tuning is key to tracking the notes you’re playing, but I wish Rocksmith would monitor the tuning during the songs and only prompt you to re-tune when it detects notes that have gone out of tune.

You’ll learn:
How to tune your guitar. You tune up so much in this game you’ll be a tuning expert!
How to play positionally, that is, keeping your hand stationary and using each of your fingers to to find the notes. The game encourages you use one finger per fret and tells you when to move your hand to a new position
Lots of techniques, including slides, bends, hammer-ons, pull-offs, trills, tremolo picking, etc. Rocksmith has lots of special technique challenges that focus on each technique to help you hone your skills. There are also mini- arcade style-games that make the learning even more fun.
Lots of songs! Rocksmith is all about performing complete songs during shows in increasingly more posh venues in front of a virtual crowd. You’ll spend time between shows learning the songs needed in the upcoming show, as well as any techniques that are specific to those songs. There are more than 50 songs to learn, not including any downloadable songs that will be available after launch.
How to practice. Rocksmith gets you to practice songs before performing them. It sounds obvious, but a big part of learning guitar is learning set aside time to practice. Rocksmith’s story mode encourages you to practice each song in the upcoming show beforehand rather than trial by fire during the show itself.
Good timing. You’ll learn that hitting the right note isn’t the only requirement for playing well. You also have to hit the right note at the right time and hold it for the correct duration.
Chords. As you get better, the game will automatically increase the difficulty and have you play chords instead of single notes in many places. You’ll learn the name of the chords and how to play them.

You won’t learn:
The nuances of the basics. There’s specific subtleties to every technique that just aren’t covered. For example, Rocksmith never tells you to keep your fretting fingers low for single notes and high for chords.
How to read music. Heck, you won’t even learn how to read TAB, the ubiquitous and easy-to-read form of guitar notation. You just learn how to identify colored blocks with strings and frets. That means that you’ll have to learn TAB or standard notation in order to learn songs outside of Rocksmith.
How to get your gear to sound like it does inside of Rocksmith. There are a lot of cool tones in Rocksmith but there aren’t any tips for recreating that sound with real gear.