The state file is atrocious, a constant source of pain. It is hard to set up in the first place, it is hard to import resources into it, it is hard to rename resources within it.
Sometimes, resources don't canonicalize correctly and will always tell you there's something to modify, even though there isn't. Other times, resources don't destroy properly because you are using some untested settings within them.
"It's alpha software" is the best description I can give. It has a ton of rough edges.
The pros: It's decently fast, and a lot more workable than the alternatives (cloudformation or simply tracking stuff by hand). It supports more than just AWS, including fairly obscure stuff like Cloudflare DNS records. It's conceptually solid.
Don't say no to it outright, but you should know what you are getting into.