Rapid growth of Internet and availability of user reviews on the web for any product has provided a need for an effective system to analyze the web reviews. Such reviews are useful to some extent, promising both the customers and product manufacturers. For any popular product, the number of reviews can be in hundreds or even thousands. This creates difficulty for a customer to analyze them and make important decisions on whether to purchase the product or to not. Mining such product reviews or opinions is termed as opinion mining which is broadly classified into two main categories namely facts and opinions. Though there are several approaches for opinion mining, there remains a challenge to decide on the recommendation provided by the system. In this paper, we analyze the basics of opinion mining, challenges, pros & cons of past opinion mining systems and provide some directions for the future research work, focusing on the challenges and issues.