I use Google Authenticator mainly for stronger security. I use it at work and at home. It just gives me that extra layer of protection and over the years it has protected me in ways that just having a simple password can. I use it for my work apps and games at home.
Pros
It gives you an extra layer of protection beyond a password.
I love that it is an app on my phone so it is easily accessible from anywhere.
It keeps all of my codes in one place.
Cons
It runs on only a few platforms, specifically Android, iOS, and Blackberry and in my opinion it needs to be available on every platform that is out there.
SA drawback I have noticed is that if you swap phones you have to blitz the entire app and go back and sync up all the accounts again which can be very frustrating for new users.
It can also be risky ( for some ) having all all your data centralized in one place.
Likelihood to Recommend
For me, it is important to have all of my data centralized and it works well with my Anti Virus to have it that way. If you just have one or two passcodes that you are trying to protect I would not recommend the Google Authenticator. In my opinion, this is for individuals who need to store multiple passcodes for multiple reasons.