Other runners have gone into more detail, so I will just quickly list pros and cons.

Pros:
If you stay downtown, the start/finish and expo is easily walkable.
Great expo
The race shirts were unique with the Indy skyline on the back
Personalized posters with all runners names printed in tiny font
Finisher's hat
Medal is part of a four-year series but they are still great even if you run it only one year
Scenic course
Great spectator support
Two minor hills
GREAT and plentiful post-race food

Cons:
One of the first water stops was out of water when I arrived
Some sections were very congested between cars parked on the streets and runners

For more details or pictures, click below:
http://willrunforamedal.blogspot.com/2014/11/indianapolis-monumental-half-marathon.html