What do you like best?
I like the focus on maintaining good accounting records throughout. Some systems have postings flow to the GL without being well configured or reviewed. GP handles most basic functions well as well as handling HR, Payroll, and Distribution. Dynamics GP has also made some great improvements in the update process. The system uses SQL as a backend so using 3rd Party reporting tools is a breeze.
What do you dislike?
There isn't a good cloud-based option yet. It is more difficult for people to work remotely than it is in other ERPs. The reporting is cumbersome and outdated unless you use other products. The install can be clunky and Microsoft has removed the valuable Customer and PartnerSource programs.
What problems are you solving with the product? What benefits have you realized?
I have helped many businesses obtain efficiencies of process with GP. The financial reporting is up in the air but as it stands is very flexible. You can create financial reports in almost any view you'd like to see them. I have also used GP to control the budget by using Endcumbrance Management along with Purchase Order Processing. Dynamics GP also allows you to enable workflow approvals that can be viewed and judged outside of the program via email.