It's not absinthe, and priced way below absinthe. Perhaps a better comparison would be with other faux absinthes, particularly of the czech variety, when you want something else for a change.

PROS:

+ Cheap
+ Found everywhere
+ Inoffensive taste
+ Sweet
+ Refreshing
+ Lower volume of (rather poorly made) alcohol
+ No spurious marketing
+ Established brand = subject to quality control

CONS:

- Aroma: Anise, Head: Anise, Body: Anise, Finish: Anise
- Oily
- Clearly unnatural colour
- Poor quality base alcohol
- Essentially drinkable liquorice

In my opinion this is a clear winner when compared with crapsinth. Whether or not Pernod is a so-called "acceptable substitute" is a point of debate, but judged solely in itself, it is by and large very drinkable, although it obviously will not appeal to connoisseurs.