Crystal Reports is an excellent reporting tool. Crystal has been around for a long time. Without getting too technical here is the list of pros and cons
Pros:
Excellent and neat reporting and formating capabilities.
Pretty sophisticated reporting capabilities like graphs adn cross tab reports.
Very tightly integrates with development platforms like visual basic/c++ or Borland builder using the Crystal Report designer component. Which means you can use the Crystal API through your application and Crystal is embedded in it.
Has capabilities to deliver reports over the web.
Pretty simple to use
Cons:
Crystal doesnt perform very well when using sub-reports.
Crystal has some limitations with cross-tab reports.
Not as advanced to call itself a full fledged Business Intelligence tool.