WhatA wallet designed for use on an electronic device specifically made for bitcoin. Conceptually said to be secure and convenient. This is still a relatively new technology.
ProsSecure, convenience, fast.
ConsCost, availability, untested security wise.
RecommendationStore bitcoin you are spending for the day.
*Oct 27, 2016: Bitcoin Core v0.13.1 released. 95% of miner hashing power must upgrade for SegWit activation. | What's New? | Download Update | % blocks mined w/ Segwit | % Running v.0.13.1+