I realize that I run the risk of sounding repetitive by writing this but I have to say my own opinions on Wattpad.
First off, let's look at all the "bad things" so that we can get that out of the way.
1) Titles repeat quite often
2) Vampire stories are on every page of every genre
3) People use text talk to write stories
4) People may steal stories (although thanks to our lovely Wattpad makers they have disabled the copy and paste option. Thank you for that).
5) The stories can be...for lack of a better phrase...a bit dry
6) Grammar and Spelling errors run amuck (I'm also guilty of this)
Last of all, 7) we have divisions ( twilight fans, nontwilight fans, and people who just don't care. Go online politics).

Now that I've gotten that out of my system, here are all the GOOD things about Wattpad:
1) You can get opinions on your work (even if they aren't truthful all the time)
2) You can read some really amazing stories on here.
3) You get a background.
4) You get "fans".
5) You have amazing people who you get to communicate with.
6) There are different stories on here.
7) They have contests that have prizes.
8) You can aspire to a higher position here.
Last of all, 9) people read what you write (Even if it is only the first line or so).

Well, those are my opinions about Wattpad so if you notice anything else, please comment and let me know. I'll add it in. :D