What do you like best?
Having used a number of different version control systems, I would always consider Subversion for a general purpose SCM. It works very well with teams of varying skill set, where the individual developers need supervision, training and review, as may be the case with trainees, juniors, contractors and overseas developers. Centralized SCM means the leads and seniors are in control and can review work and manage processes such as CI, build, test automation and delivery. Subversion is free and open source software with a mature feature set, and a large number of client integrations and tools.
Despite claims to the contrary, multi-site configurations with Subversions are both simple to set up and robust to operate.
In Subversion, there is usually one way to do something, and to do it right. If that way is followed, the user will be blessed with success.
What do you dislike?
Subversion's strengths may turn into a weakness when a distributed SCM is required. These are more popular in teams composed of highly skilled, individually motivated contributors. The reader must decide whether this is the case. For most professional development teams the point is moot, and subversion's maturity may be the deciding factory.
Recommendations to others considering the product
This is an open source project, a number of vendors for binaries exists. Virtually every GNU/Linux distribution comes with the complete set. VisualSVN Server (free edition) is a very good start on the Windows Platform.
On the client side, TortoiseSVN is the most pooular client on Windows, and it includes a CLI. Virtually every IDE has integration and tooling.
What business problems are you solving with the product? What benefits have you realized?
We required centralized version control for the development of a number of commercial software projects, including integrations to bug tracking systems, continuous integration, code review and deployment. Subversion's performance is solid both on the server as well as the client side, with few developer issues.
The most important benefit was that due to it's simple usage model (one way to do things right), developer training was straightforward and cost effective.
From a single-server setup, I extended the deployment to a 3 site replicated Subversion with transparent write-through proxying for committing from anywhere and fast reads from the LAN.
Full disclosure: This review is based on my prior professional experience, and I have since become a code contributor to the Apache Subversion open source project.