My musical style is one I call "psychedelic Country Gospel. Think of a hybrid of the Eagles, Statler Brothers, and a little bit of John Denver mixed in. I basically strum but I also do some arpeggiated flatpicking along with some hammer-ons. This guitar is very responsive to my style of playing.
This guitar is very well made. The quality of materials and construction is excellent. As advertised, the scalloped bracing does seem to enhance the low end as this model has a more pronounced bass response than its predecessor, the FG720S-12, which I have also owned.
The sound is very well-balanced. The chimey-ness for which 12-strings are known is still present, but without being shrill. The bass response is clear, not muddy. Notes project well and are very well articulated. I have noted from hearing some other players that the sound tends to break up and notes lose their articulation if the guitar is played hard, but that is common with ALL 12-strings.
The specific pros of this guitar, in addition to its construction: solid spruce top, enclosed tuners that stay in tune, Yamaha's well earned reputation over the past 52 years for well-made guitars that don't break the bank.
The only con I have found is that Yamaha does not put strap buttons at the heel of the neck. This is becoming more and more common as players do not like tying their straps onto the headstock because it creates a sideways pull on the neck. It would only cost Yamaha a few cents more for the strap button and labor to put it on, so they should give this some serious consideration.