Pros
At Amazon, you are encouraged to share your ideas through innovation and process improvements. Due to their Open Door Policy, you can walk right into the general manager's/senior ops/HR offices and discuss any issue at any time. You will also work with some very talented people to which you can learn from and bounce ideas off of as well. They have a competitive benefits package, and while it does take some time to vest, the RSU program is acceptable.
Cons
The largest con, and it's been mentioned several times before, is the work-life balance issue. Speaking from a salaried-standpoint, the ideal candidate for Amazon would really be someone who has no outside responsibilities, who rents their home, and can pick up and move wherever the company needed to go. However, that not being the ideal state for most of the employees here, there does seem to be pressure that your progression in the company depends on how willing you are to relocate for the company, and how many times you would be willing to do that. That being said, Amazon tends to hire very driven people who don't mind working long hours until it gets to the point where the person burns themselves out. This is not necessarily Amazon's fault, because we are all responsible for our own breaking points, and if we don't escalate those issues to our managers, then the fault is on the individual, not the company.