Pros
You get to work with some very nice and intelligent people. The sense of team between the employees is great outside of management. Seems that the graduate program is what management is favoring, so people fresh out of college should try to apply for the graduate program. If you align yourself with the right people, there are opportunities to move laterally, but you will have to fight hard for it.
Cons
You should ask lots of questions prior to joining as this job is not for everyone. If you read the majority of the posts here, it will give you a sense of the culture and expectations. I can only give my opinion, but Ion will over promise and under deliver in terms of compensation, growth, and the actual job that you are applying to. The managers in my department do not fight for you to grow. Promotion/raises were given when they thought I was going to leave. This applied to other people within my team as well. During one of my reviews, I was told the reason they didn't think to promote me was because not everyone wants to be promoted, so if I didn't ask, they didn't want to force it on me. Considering I put advancement/promotion as a yearly goal in my self assessment, I guess management doesn't bother to read or consider our self assessments. The moral of the company is quite low. People are generally unhappy and complain to each other about their future in the company. New people who join are shocked initially, but understand shortly. This is especially true come bonus/raise time. You should save emails and conversations as management will try to throw you under the bus if the opportunity arises.