We have had the Phil & Ted for nearly two years and have absolutely loved it. It is so compact compared to other dual strollers and moves so easily in tight areas. Also, the air tires make it very practicle off road or on bumpy sidewalks (which are the case where we live). Our kids are twenty months apart and I am due with our third in two months and plan on using it for another through the third.
That being said, here are what I would characterize the drawbacks:
We have traveled with it extensively and successfully, but it doesn't fold up as easily as some of the others (especially when you use the travel bag) which we have.
I concur with some of the comments about height, but we had that issue with most if not all the other strollers. The P&T stroller has two positions, one which makes it easier with our height (6 ft) but isn't as conducive to having the cupholders.
For us, the basket was never an issue.
From a customer service standpoint, we blew a tire and had some damage from the airlines. The distributor shipped the parts out overnight with no charge.
From a pricing perspective, I have seen several instances where people have gotten great deals on Ebay.
Good luck - I would pick the Phil & Teds