Pros: Close to Vancouver, in-city bus
Cons: Low value for cost, icy, hit and miss conditions, minimal terrain, crowded
Weather - the variable temperatures (thaws and freezes) make for lots of ice. Some seasons have seen minimal snow and incredibly short seasons.
Terrain - only a few runs. It was like skiing a really long Ontario hill. Nothing particularly steep. Note they had half the terrain closed for the 2009 season--maybe the other hill is like a dream come true.
Grooming - for some reason they can't seem to groom the runs well. Grooming is better in Ontario/Quebec.
Traffic - tons of skiers in a small area (at least in 2009). You don't have a long wait for a lift, but there are so many people zipping by because of the low number of runs.
Lifts - sllloooowwww.
Instructors - almost all level 1s and 2s, one or two level 3s for privates only, no level 4s. At least, this was the case in December 2009. Very sad for advanced skiers. Most resorts in comparison are loaded with level 3s and some 4s.
That said, because it's close to Vancouver, Cypress gets top points for night life. I have no idea what the terrain park is like. The price of $200 for an Olympics season pass was reasonable. I pity the fool who pays $1200 for a regular Cypress season pass. Honestly, what a joke--Whistler is the same price.
If you are learning to ski or board, Cypress is completely OK. However, if you want a fun ski vacation, head to Whistler, Big White, Silver Star, or one of the other interior destinations.