Pros:
Equally strong, regardless if you go first or second. Can play through multiple negations. Non-linear combo options. Does not rely on normal summon. Extremely consistent. Builds a board with 2-4 interruptions. Multiple removals during combo, including non-targeted banish, double shuffle, destructions and other. Very simple in terms of rulings understanding. Fits both TCG and OCG banlist for online play. Generates hand advantage.
Cons:
Many meta and anti-meta decks with floodgates hit it really hard. Because:
It is tightly bound to WYRM archetype, and has to be played around it. It requires the GY. It locks you to Synchro summoning. All your tuners are water normal monsters.