Cons:
Expensive, tablet functionality can be cumbersome, no Cd rom, no HDMI port, no USB 3.0.
Thanks
Absolutely, it has a premium. I had a very old tablet in undergrad, but I loved it because I could type up notes in OneNote when needed, and I could also very quickly sketch out circuits and other diagrams the professor was drawing on the board. Very versatile device.
Tablet functionality has improved greatly with Windows 7, and judging from the Windows 8 dev preview, it will only get better. No optical drive is not an issue these days; the MacBook Air dumped it, you can install Windows via USB stick, etc. You can always get a cheap USB optical drive if you absolutely must have one.
You actually do have HDMI possible from the X220. It looks like the X220 sports a DisplayPort connector, which you can hook up cheap adapters to (less than $10 from Monoprice.com) to get HDMI or DVI. So that isn't actually a con.
No USB 3.0 is not a huge deal. Your average mechanical harddrive that you'd find in an external enclosure will likely max out at around 100MB/s or so sequential read, which is around 800Mb/s. USB 2.0 handicaps you to half of this, 480Mb/s before factoring in protocol overhead. There are USB 3.0 hard-drives out, yes, but how often are you going to be hitting that external for huge files sequentially? I would predict you'd be using it more for bulk media storage or something, perhaps backups.
If you really needed that external speed, you could pick up an ExpressCard with SATA or eSATA, and you'd be good to go. Lenovo's website is awful and doesn't clearly indicate the X220 has an ExpressCard slot, but it does indeed sport an ExpressCard/54 slot.
The next X220 will either include USB 3.0 this year, courtesy of a NEC or ASMedia controller, or will wait until
next spring for Intel's new chipsets with built-in USB 3.0 support.
So, the only real con in my opinion would be price. It's worth mentioning that this guy sports an IPS-based LCD screen, which puts it ahead in terms of display quality of almost every other laptop out there (including every single Mac, which still sport TN screens). What this means to you is superior black levels and viewing angles.
I'm not even a Lenovo fanboy or anything (I prefer Dell, own a 2010 MacBook Pro myself), just wanted to clarify some of your cons. Hope this helped!