What do you like best?
I love that Squarespace has so many versatile web templates. The company makes it so easy to pick and choose one based off of your needs (website functions) and personal style (aesthetics) and there are a lot to choose from. That being said, your website won't necessarily look like another's who chose the same template, simply because there are so many options for customization.
Each template I've tried out looks professional, crisp, and clean and I know that it would be very difficult for me to code the same exact website, because I'm new to the process. So for me, this is a practical option while I'm setting up a website through code which is taking me much longer. Squarespace works personally for me and my business needs and since I joined a year ago, they've added more capabilities that they didn't have before ie: email newsletter caption widgets, etc.
In my opinion, it's worth a trial run to see if Squarespace is the answer for your needs!
What do you dislike?
I dislike that although there is a section where you can add custom code (for instance adding some html to the site) I can't figure out how to actually get the code to work properly. It always shows up as blank added space to the top header. This is probably more an issue on my end however, and I haven't been able to find much about it through Google search. However, I haven't spent a ton of my time looking for a solution either.
Besides this slight hiccup, I can't say that there's anything I dislike about Squarespace. It serves a great purpose for me, personally. Keep in mind though, that if you're looking for a website to be much more tailored to your specific design requirements, this is probably not going to be the best option for you and I do believe that hiring a web designer and web developer is the better option in this case. Being a startup, I didn't mind compromising my design needs and settling on a built-in template for the time being.
Recommendations to others considering the product
When considering using Squarespace, I suggest evaluating your needs to determine if this site could be a solution for you. Remember, there's no harm in trying out a trial here and to be honest, you won't really know what Squarespace is capable of or what their templates look like without playing around in it a little. Get a good feel of how everything works and if you believe this would be a good option for you.
For me, it's been a life saver and I'll continue using it until my personally designed site is finished being developed.
What business problems are you solving with the product? What benefits have you realized?
It was taking too long to code my ideal website by myself, because it's the first time I'm doing it and it's a tough process to complete quickly, given the amount of time I have free to do it. However, I didn't want to stifle my ability to get my business off the ground, and I knew I'd have to have a website in order to do so.
This is where Squarespace has been a life saver for me. I've been able to use it to get my business in front of my ideal clients and target market, while looking very professional. No one would know that it's a Squarespace template, so it's wroking perfectly for me while I continue to code my site on the side.