PeopleSoft is a good product. I have used it for bigger corporations that I have worked in and believe that it is a very useful tool!
I used PeopleSoft in two previous jobs, one mainly with doing time & expenses and the other for timekeeping. PeopleSoft was user-friendly in the sense that it was simple. No complicated or hidden commands/options that I had trouble searching for. On the trainer end, I was able to efficiently train other employees on how to effectively use PS for their needs in the software.
For the functions that I used PeopleSoft for, I really didn't have any Cons. Everything that I needed to do didn't cause any issues or problems. In the office I do overhear that the need to collect specific data for reports was challenging; however being that my tasks were simple I didn't require anything complex.