Like/Dislike depending on the situation.
An SPIA (Single Premium Immediate Annuity) is very simple, you pay X, and you receive Y a month for the rest of your life. That's it. Think of it as buying a pension on the open market. Once it's paid, it's gone, you can't get it back. There are plenty of valid situations for an SPIA. Some posters in the
Variable Percentage Withdrawal thread swear by it. Maybe you're getting old, losing your cognitive abilities, and want to protect your money from yourself so you don't get scammed (or lose it all at the casino). Maybe you want to set a floor of base income in retirement that you won't dip under even if there's an extended market crash.
Immediateannuities.com says a married 65 year old couple who buys a $1,000,000 annuity, can receive a $4,755 paycheck a month for the rest of their lives. That's a 5.7% withdrawal rate that won't ever fail (if you make sure to stay under state-insured minimums). Buy an inflation-adjusted SPIA at 65, and they'll give you a 4% withdrawal rate. Not much to complain about on the surface.
The main con is that the best deals aren't indexed for inflation (just like most pensions). Also, you lose control over your money. Due to these factors, most people recommend only putting a portion of your money in an SPIA, and only if you're old enough that inflation probably won't be a big issue (unless you get an inflation-adjusted SPIA). If your basic living expenses are $1000 a month, buy a $300,000 annuity inflation-adjusted SPIA, put the rest in 100% stocks, and feel comfortable knowing you'll be able to take care of yourself even if you lose everything.
Vanguard has a good annuity section:
https://investor.vanguard.com/annuity/Some additional resources:
http://whitecoatinvestor.com/spia-the-good-annuity/http://www.obliviousinvestor.com/single-premium-immediate-annuity/