Pros : This is lovely stuff for fusing and lampworking. It's easy to use and gives a marvelous effect of scattered light. It's one of my favorite frits for lampworking - I collect a nice gather of clear glass and smoosh it over a bit of frit on my marver, then paint it onto the bead. The process encases the dichroic bit as I work, eliminating worry for me that I might get gray scum on my bead.
Cons : When fusing, I found that it doesn't melt totally into my work, leaving a textured surface. Sometimes this can be nice, but it's not usually the effect that I want. If you sandwich it, be sure to put some supporting bits of clear glass that are bigger than the frit, or you can find your top glass sliding off the rest.
Other Thoughts : Dichroic is usually better in small amounts. You need to plan ahead if you want to put this in your work, to get the best effects.