If you'd upgrade from the Cougar Revenger's younger brother, the Cougar 550m, you'd trade the braided cable and more colorful exterior of the 550m for a top-performing DPI sensor with absolutely no tracking issues, which makes the upgrade well worth it.
If you're buying the Revenger without upgrading, you're in for a treat: You get a very nice ergonomic mouse with a high quality finish, a large, rubberized scroll wheel, and side grips that give you better control. You also get three configurable buttons, a DPI indicator, and an RGB LED to help you customize it to your preferences. Last but definitely not least, you're getting the best sensor: the super-accurate PixArt PMW3360 with 12000 DPI. All of this for the sweet price of $50? It doesn't get much better at this price point.
Now, there are downsides to this mouse, as mentioned previously. The Cougar UIX system has some UI issues, the scroll wheel's tactile feel could be improved, there is a braided cable, and crumbs and dust tend to gather in the scroll wheel and LED strip. However, I would call them annoyances rather than real problems, and they're easy to overcome.
For the price, Cougar manages to deliver top performance and the right feature set, which make this mouse a must-have.