Nikon 55mm – 200mm f/4-5.6G ED-IF AF-S DX VR (Vibration Reduction) Autofocus Zoom Lens – Grey Market

Not bad considering.
Let's start with the Pros. It's (1) Lightweight, (2) compact, and being a zoom lens there's (3) a lot less interchanging of lenses. The VR feature is also very helpful at the higher focal lengths. Especially if either you or your subject are moving. It helps keep your shots in focus when you snap the shot. The final pro ofcourse is that it's affordable, but you already knew that.

The negatives though seemingly slight are important if you want to do more professional photography. This is really a convenience lens. It's not a substitute from one day getting say the 70-200mm f/2.8. Without that extra versatility and aperture range, this lens limits you from being able to shoot hand held in reasonably low light situations; think of shooting city scenes at dusk/dawn for example. You'd probably have to raise your ISO settings which in turn increases your image noise levels. The extra stops can save you that. In certain situations you can also pretty much kiss good depth of field shots goodbye.

So, not to discourage from getting this. The price difference is too good to ignore. Even if you own the 70-200/f2.8, it's actually still worth getting this lens if you know you won't be shooting in extreme conditions on a given day. It takes far less space in your camera bag and weighs oodles less. For the budding pro, it's a great stepping stone to the bigger and better lenses.

What I've been waiting for
This lens delivers everything it promises. The VR technology makes a huge difference and I'm sure it has convinced me to stick with lenses that have it. The lens is also surprisingly small for a telephoto which is nice if you are using it to travel or for general purpose photography. Keep in mind that with a telephoto with this focal length, you have to be a few feet away to get good focus on anything.

The VR is well worth the money.