If you are automating testing for Web based applications, IMO Selenium-WebDriver is the best available option. Not because it is open source but it is widely used and well supported by the community.
There are obvious Prons, let me highlight some of the Cons like,
1. Demands higher technical competencies, I would say tool of choice for developers. QA team members need to learn programming.
2. Need to work with many and connect third party frameworks (TestNG, Firebug etc) right from object identification, reporting, integrations with other ALM solutions etc.
Having said that it is still the best option for automated tesing with structured and methodical approach.
What is the product to be tested?
I've actually seen this type of question a lot, because people see "open source" and think of it as a free solutoin. After talking to a number of other software companies, the consenses is that Selenium can be powerful, but only if you're willing to spend lots of time/money building out a framework and customizing it to meet your need. Based on all of those discussions, I wrote the following article which examines the true cost of using Selenium: Why Selenium Isn't Really Free