Very good architecture that scales for very high volume.
Intuitive user interface (It had issues when they released R12 but it has since improved substantially).
Supports strong authentication like RSA, ArcotID, etc.
Can integrate with most Directories and Databases out of the box.
Agents for most of the web servers, application servers, SharePoint, Peoplesoft, SAP, secure proxy server, etc.
High quality 24/7 Support -- quite responsive.
Widely used. A market leading product.
Relatively easy to learn.
A lot of new features are being added to latest versions to support mobile, social, agent less solutions, for Web service/ SOA support, etc.
User Interface can be improved for better readability.
Tighter integration with CA Directory (like Advanced AD Integration would be nice to have).
Federation component has scope for improvement.
Authentication, Authorization, Agent based and Federation based single sign on, Auditing for web applications hosted within the organization and business partners in the cloud.