Pros: Superior build quality, Fast auto-focus, good contrast, preserves sharpness, usable with t/s lens
I mostly use the EF 1.4x II with the EF 500/4 IS on a 5D, where it preserves most of the contrast while magnifying the image so that details invisible with the prime lens alone are resolved - but that might be less noticeable with chrome or a 1DsIII. Degradation of lens AF speed is not noticeable with the 5D. One unusual use I've found for it is with the 24mm T/S-E.
Yep, it works beautifully with the wide-angle to give a 34mm T/S lens where it retains all the detail from the prime lens, but doesn't show much detail that was previously unresolved. More importantly, it retains contrast well and doesn't interfere with tilt and shift movements. The camera doesn't register the lens/TC combination or f/stop in the display or EXIF data, but metering is unaffected. Remember to compensate the DOF scale by a stop wider (f/8 in display, f/11 with TC, f/5.6 on DOF). When you stop to think about it, the mechanical construction of the TS lenses, with the rear elements far forward as in a telephoto, force the optical behavior to be similar too, so I suspect the 1.4x will work with all the T/S lenses, except possibly the new 17mm.