As a disclaimer, I've been using Fab for about two months now. I started off on the Flawless service and then moved up to the in-house service after I heard about FHD sports channels, more on that later.
First, the pros
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Customer service is second to none. I don't think I've ever experienced such good customer service anywhere. The Facebook group and ticket system is great, the admins get back to me within minutes with support. If you have a problem, they'll help you out, no doubt.
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VOD. The admins have been adding movies and TV shows by the buckets these past few weeks, taking requests too! Admittedly I don't use it much apart from shows I binge over and over, but its always worked well and thanks to the great customer service, you could ask them to add something you like!
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Overall quality The quality for the most part is great. I'm very fussy, incredibly fussy but overall I'm satisfied. Most channels, UK at least, are stable at 720p streams with a decent bitrate to boot. Don't expect cable quality from IPTV, but its good enough for regular TV watching.
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EPG Updated fast and vast. A great addition to IPTV, something I can't live without now that I have it.
The cons
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Reliability I've been a bit disappointed. For example, whenever the football (soccer) is on, Sky Sports will buffer a lot. I'm on 100mbps down so I don't think that's the problem. I'd say it buffers once every two minutes for a few seconds, practically unwatchable, to me, unfortunately. If Fab could improve their servers and handle the loads better, this service would be almost perfect. I'll continue to test things during big events and report back.
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General things As typical with services such as IPTV, promises are often unkept and things just drag on. For example, Fab advertise that they have FHD channels for BT Sport, however right now 1 is 1080p, while the rest are 720p. It's not a dealbreaker by any means, I'd just prefer if they were straight up with customers.
As a general comment, bitrate matters . I've streamed things myself and don't count myself as an expert but, you need find a balance between resolution and bitrate within the limits of your network and hardware. Streams might be 1080p but it means nothing if there's tons of artifacting all over the place when the picture gets complicated, so to speak. We, as customers, should focus on bitrate more than resolution most of the time. I put this here because its a general IPTV issue, not related to the service in question.
Love Fab! Its become one of my favourite services.