Pros: Amazingly precise hall effect sticks - the most recent firmware takes care of the release version deadzone issues. Super smooth movement with medium tension and anti-friction rings. Triggers feel properly dampened, move smoothly and have an alternative mode which turns them into mouse clicks. Face buttons are flawless - clicky, but not too hard to press. Wireless connection uses a dongle and is flawless and very low latency. Back buttons are perfectly placed and responsive. Rubberized handles feel amazing. Comes with extra thumbsticks, carrying case and long braided cable. Battery life seems good, especially compared to PS5 Dualsense Edge which I also own. Razer RGB logo is understated and classy.
Cons: It is a bit expensive, ergonomics are different than the XBOX Series X original controller so it does take a couple of hours to adjust to the shape, haptics are strong but not deep as the XSX controller. Headphone volume is also about 25% lower than the XSX controller.
Conclusion: This is the best XBOX Series X controller. It does feel just slightly less premium compared to the Elite 2 and it is very expensive, so that is why I am giving it 4 stars. Assuming that it is more reliable compared to the notoriously problematic Elite 2, this controller will de facto become the new go-to Pro controler for Xbox Series X.
Update: After a few weeks, the left trigger started behaving differently than the right trigger - when fully depressed, it sounds and feels very hollow with a hard stop. The right trigger is still properly dampened and feels premium. In mouse click mode, it still works properly. Disappointing.