It's free, easy-to use with many features available - I like that it also has an iOS app as well so you can check your site from anywhere! Some of my clients have not been very happy about how long their sites are loading or if they're being hacked etc., but this tool does help monitor those things pretty regularly (and quickly).
There isn't much downside really though other than perhaps some lag time when updating/checking new content? We've had issues in terms of performance over recent months which we believe may be due at least partially because our servers aren’t up & running 100% all day every single weekday; however even just having something out there helps us get more traffic overall too since people will start searching Google instead looking through search results pages manually each month / quarter.