Pros
The pay is better than most similar language schools in China, and far better than most university jobs that you can get without a doctorate. Lesson plans are available for most classes, and you can change them to suit your own style. It's a big company, so they can help you out a lot with visa issues and other common problems for foreigners living in China. My co-workers, both local and international, have been great.
Cons
From an effectiveness standpoint, most of the lesson plans are OK, but some really should be changed if you want to get through to students. Unfortunately, you won't have a lot of time to do that, as they've recently increased the work load. The teacher contract specifies 25 contact hours per week, but there's some dispute over what a contact hour is, so we end up spending more like 30 hours in front of students per week. Management can be a bit thickheaded, and I don't feel that they listen to the teachers much—even the center-level management can't seem to communicate with the upper echelon. There was a major structural change in local management recently, and they ended up hiring most of the area managers from outside the company, which contributes to a feeling that teachers have few opportunities to advance and improve, and aren't really valued by management.