Advantages, Disadvantages and Uses of a cast Iron skillet

I'd like to have a discussion on cast iron skillets. I keep seeing people rave about them. I don't own one myself but could be talked into it.

It would seem to me that the best use for one is searing because of the heat distribution and it can take high heat. However, I can sear with a lot of pans.

ADVANTAGES:

A well seasoned skillet is stick free.
You can sear and move to oven with 1 pan.
They are very cheap.
They last a lifetime if properly cared for.

DISADVANTAGES:

They are very heavy.
They are a bit of a hassle to take care of and maintain.
They are a bit of a hassle to season but you can buy them pre-seasoned.
Storing a greasy pan in the cabinets just doesn't seem right so it has to be stored in the oven or on the cooktop.

Would anyone like to share their opinion?