We've been in a condo for 3 years.
Pros: Awesome building, totally maintenance free from the walls outward, (they even come in to change our air filters 2x year), always someone to sign for packages, great amenities (gym, rooftop deck, theater room, gas BBQs, bike storage), strong board of directors comprised of former CFO/Attorney types that run a tight ship, well funded reserve fund, common areas stay clean and up to date without us needing to do anything, great location in a walkable city. Quiet and polite neighbors, lots of retirees. Small space makes for low electricity bills.
Our "restrictions" are very minor. No loud parties after 10pm, and you can't paint your exterior door a unique color. Nothing that has been a problem.
We purchased our place at a big discount during the housing crash, so we've seen about 20% appreciation in three years.
Cons:
$$ Our HOA fees are *very* high. ($700/mo) When we pay off our mortgage we'll still have monthly costs - and need to build that into our budget. All those amenities cost $$. When you factor in our old housing expenses (roof replacement, paint, repairs, yard equipment) and the included things (gym, gas heat, building maintenance, internet, insurance) it sounds a bit less nuts, but it is still a significant expense.
Limits to optimization. Our heating and internet and insurance costs are pooled. We can be responsible (and we are), but when your neighbors run A/C all summer everyone pays a bit more.
Quality of People-Risk: We're lucky in that we have a great set of neighbors and a really experienced board. They are proactive and frugal and good communicators. Lots of retired executives in our building, I think. People here really value our building and want it to stay a great place to live, and keep property values up. If our neighbors or board were full of asshats, it would be a very different experience.
I think a good condo is about finding a building you love, in a place that is likely to continue to have strong housing demand, and research the hell out of the board of directors. Even attend a meeting if you can. Ask about what kind of preventative maintenance is done and get a list of pending and prior assessments.
Hope this helps.