I keep both the Test Strips and the AP Freshwater kit in my home.
Although I love the quickness for the readings with the strips,I have a lot of tanks and they can get quite costly to use every week.AP's Master kit seems to last for ever,and I feel is one of the most accurate tests out there,if you do them correctly.
There are drops and test tubes involved,and it does take a little more work and time to get your readings,but all in all,a fantastic product.
If I had to pick the biggest con of this product,it would be the outcome of the Nitrate readings,as those colors are sometimes difficult to figure out.I go by the easiest solution though----if you have any color,the Nitrates are too high,so do a water change.

Pros: Accurate-last a long time

Cons: a little more work involved than the test strips/Nitrate reading is sometimes difficult to decipher what color reading it is

These kits are easy to use, but sometimes hard to determine level.

Pros: Easy to use

Cons: Hard to differentiate color on some tests