The Good: Super fast rolling and great grip in it's intended conditions combined with low weight make it one of my go-to rears when it's dry. Not to mention they can be had for dirt cheap.
The Bad: The trade off for the fast rolling speed is decreased braking traction as with any similar tire. The braking edge on the center knobs doesn't last as long as some tires given how short and low the knobs are to start with. The range of conditions the tire works well in is rather narrow.
While originally designed for XC racing Maxxis's Larsen TT is also available in a 2.35" with a single-ply casing making it an awesome rear tire for All Mountain or Enduro style riding. It's tightly spaced, ramped center knobs provide awesome traction on hardpack dirt and fixed rock while offering very little rolling resistance. Grip is achieved from having so much surface area in contact with the ground rather than the knobs actually digging into the dirt. Braking traction is comparable to other similar designs although it can suffer when the conditions get "marbley". The tire's light weight is also a major plus, making the already fast rolling tread feel even faster.
Of course there are some trade-offs as the small knobs have trouble hooking up when the soil gets softer as it has a tendency to pack up. Because the center knobs start off so much shorter than a traditional tire their wear can seem exaggerated. The tire does continue to perform even when worn, hooking up on hard ground and drifting predictably when there is some loose on top.
While not "tubeless ready" I have had no problems running this tire without tubes. Some people might be leery of the single-ply casing but I have found those concerns to be unfounded. I have countless hours on this tire in the rockiest of conditions with no problems as long as I kept the pressure around 30psi. I've found that a tire of this style generally works better with slightly higher pressures regardless of casing. I believe the low weight of the single-ply casing is well worth having to run a few extra psi. (Edit: I should have knocked on wood...The next ride after writing this review I had a small rock roll up and tear my sidewall..I was running my psi on the low side..It was kind of a freak thing as I usually dont have problems)