Pros
Best thing of working for EY is not necessarily to EY's credit: generally speaking, working for a Big 4 gives you exposure to the world's best and largest companies and the complex challenges (along with the competitive environment) forces you to be on top of your game. Training is also very good, but again, something you'll see in all Big 4.
Cons
The typical "People First" talk is also common in all Big 4 and it's usually nothing but a marketing gimmick. However, EY leadership is unbelievably out of touch with its people. During the downturn, I saw people being laid off after the firm asked them to relocate. Leadership does not know how to deal with crisis. Partners went on panic mode during the crisis - literally - losing control of people and temper. Partners abandoned the ship and adopted a "save yourself" culture - e.g. they charged hours they never worked to keep their utilization high while challenging engagement economics. They had plans for everything: 30-day plan, 60-day plan, 90-day plan, pushed them all downstream with a "get it done or else" attituted, got none of them completed (as they were baseless), and again showed complete lack of ability to deal with crisis. Vacations are often not honored or they are approved at the very last minute. In many cases, you are asked to work while on vacation. Pay is low for all we do. Promotion raises are the same as any other raise although you receive a small bonus. They have these small spot bonuses (i.e. $100 gift certificate) which are supposed to be used to motivate people. However, partners hold on to them the entire fiscal year to manage their budget. Then all of a sudden, in the last two months of the fiscal year, they realized they haven't given any and start distributing them for no reason. Yes, it's always good to get a couple of hundred bucks but when they are clearly given just to show that the partners "care" and without any true meaning, it's hard to feel good about them.