Good points - Cheap.
Less good points - Slow (small maximum aperture), soft, slow (to attain focus), heavy (but not too bad for its class).
The later OS lenses (150-500 and 50-500) and the contemporary 50-500 are all better but are also more expensive. Personally, I would give the 170-500 a miss and save for the 150-500 (or 50-500) OS version. (Having said that, I ended up selling my 150-500 since I rarely used it, even though it was far better than the 170-500.)