Pros:
+ Great selection of songs (very subjective)
+ Much improved note detection and latency reduction
+ Session mode is very awesome! You play scales and an AI band backs you up dynamically. Lots of customization options for your virtual band!

Cons:
- Does not work with USB speakers. I had to route my sound card to the line-in on my USB speakers in order to get it to work
- The game automatically reduces the level of the rocksmith usb cable to 17. You have to boost it back up after you are in-game to get the tuner to work correctly.

Preferred peripheral: N/A (just use any electric or acoustic/electric guitar)

Personal Notes:
I am learning a lot when playing this game and the guitarcade mini-games also provide entertaining ways to practice your scales and other techniques. It's a great motivator to be able to play along with your favorite songs.

If you own Rocksmith 2012 you can buy the disk transfer tool so that you can play the on-disc songs and the DLC songs you've purchased from the first game in this latest entry.

Verdict: BUY!