What do you like best?
I like how easily I manage classroom tasks like putting students into groups, organizing my gradebook, putting students into peer review pairs. A favorite feature is that students get alerts for new assignments information and due dates, making students more dependent on alerts than my mention of deadlines in class (which may be missed). I often teach repeat classes, and it is very easy to copy and edit a former course. I used to do most of this with Microsoft Word, paper copies, etc., because previous software was unnecessarily complicated. Canvas is much more user-friendly.
What do you dislike?
There's a few things you wouldn't necessarily know/notice, even with taking a tutorial (I strongly suggest taking a tutorial either online or with your institution, this was very helpful in the initial setup). For instance, from my standpoint of uploading files and assignments onto specific, carefully selected pages, I did not realize they were listed elsewhere in a very disorganized way (Files) until I read it in my formal student evaluations. I suggest asking students how THEY use the interface, and go over how you suggest they use it at the start of the course.
Recommendations to others considering the product
Please see review about communicating with students in person about Canvas and its use.
What business problems are you solving with the product? What benefits have you realized?
As already stated, I use this in the classroom for classroom management, course organization, grading, and so forth. Now that I've overcome the fairly easy learning curve, I use it with ease to communicate with my students.