PROS:
-with the right strings, sounds unbelievably good through even the crappiest of amps. the stock strings are rotosound rounds, which are okay, but i would upgrade. really big punchy sound, cuts through well without turning up the treble too much. best tone of any bass under around $500 i've ever played, and i even prefer it to a lot of basses over $1000--we're talking warwicks, 70s fender precisions, rickenbackers, etc.
-records great
-looks awesome
-neck is like a fender jazz but a little wider and a little flatter, i personally love it but that's a matter of preference
-pickups and even the end of the fingerboard (i play there occasionally) make a good thumbrest. gibson actually claims the pickups to be indestructible, and i believe them.
-built stronger than most tanks. i mean you could drop this thing off an airline hangar with no case and it'd come out alive
-resilient finish, will always be in nice condition (i've tossed mine around for about six months and have no dings on the body yet, a couple of white streaks on the headstock from accidentally hitting it against the wall)
-stays in tune forever, doesn't get knocked out of tune in the case
CONS:
-heavy as hell. bathroom scale measurements suggest a weight of about 12-14 pounds. the goth version is a little lighter than the IV, IIRC.
-get a padded strap and some good straplocks because this baby is a neck diver. i haven't performed any of the modifications people discussed here, but i'm sure they'd help.
-the 3-point bridge sucks, and i could probably improve the tone greatly with the hipshot bridge, but it sounds so great already that i don't want to mess with it.
-stock strings appear to be heavy-gauge (maybe medium?), which i like but they might not be best for a beginner.
-EDIT: you might also have trouble finding a gig bag that'll fit it, but there are many that do, you just have to search a little.
in short, i would 100% recommend buying it for the sound and looks, but you can't overlook the problems with it. i personally can deal with them all because i'm a pretty tall guy and my fretting hand is also my dominant hand so i have an easier time supporting the neck while playing, but i've had other bass players (many of whom are MUCH better than i am) ask to borrow mine, then give it right back as soon as they pick it up because they can't play it (due to the weight and neck dive). i would try before buying.