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Corona SDK is a cross-platform framework for building games, general purpose apps, and business related apps for iOS, Android, Kindle, Windows Phone, macOS, Windows desktop, tvOS, and Android TV from a single Lua code base. Lua is a fast and easy-to-learn language.
SpecsUpdate
Pros
Pro Corona Simulator
Corona SDK ships with Corona Simulator, which runs your game/app directly on your PC/Mac and updates every time you make changes.
It provides immediate feedback to your actions, you can see your changes right on the screen, without necessity to make build to device. Getting instant feedback really boosts tenfold prototyping and development speed.
Pro Live builds - update builds running on a device automatically
With the live build feature, once you have created a build and installed on a device, you get lightning fast turnaround times because any change on the code or data is updated to the devices running the game (within the local WiFi) immediately. So changes can be tested on the real hardware within a very few seconds.
What's even more impressive, this even works flawless with multiple devices running the game. You have to use it to learn how good of a feature this is while development and even more, while doing QA. Imagine fixing bugs and everyone of your QA team/friends/whoever helps to get your game done, has all changes on his device without doing anything but waiting 5 seconds - outstanding.
Pro Corona SDK has a built-in physics engine
Physics are commonly used for apps that involve a simulation of objects that move, collide, and interact under various physical forces like gravity. Corona makes it very easy to add physics to your apps, even if you've never worked with a physics engine before.
Pro You can test code / asset changes immediately on multiple platforms and devices at once automatically without the need to build or send to them
No need to build for each device, upload and re-install. Simply tick a single check-box for live builds and every time you update your project in the simulator it will automatically and almost instantly send to every device currently running your app / game. It literally just appears with the new version live and running.
Pro Easily Extendable
Corona provides many ways for developers to extend their apps with native code using Corona Enterprise. This allows developers to add Corona support for features they need when they need them. No need to wait until the Corona team gets to implementing a feature in Corona SDK.
Cons
Con Making a device build requires internet connection
To build your app for the device (iOS/Android/AppleTV) Corona requires to fetch resources from online. This would include base application template and plugins. This allows not to perform local build or use Xcode or Android Studio to do a build. Even Large games/apps would build very fast with good internet connection.
Your code never leaves computed. Corona SDK would transfer some information to determine which plugins and pieces has to be transferred in order to make a final steps in build.
As a bonus - you get basically one button press to get from your Corona Simulator game to game on a device.
Con Free, but not completely
Such conventional plugins as a reference to AdMob for example, cost $300 per year!
Con Not flexible and has limited capabilities/features
Structure and API aren't flexible and there is no dynamic scripting ("loadstring" is disabled) or multithreading on mobile.
(Actually this is enabled; just not for mobile which is because Apple won't accept dynamic scripting apps).
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Flagged Pros + Cons
Pro Perfect for creating games
Corona has a fast and helpful community for game creators. You get instant help for every problem and powerful maths solutions and everything else game related!