Pros
Freedom and responsibility. You're treated like an adult. You're part of a pro team that is highly functioning. The company is well respected and has a super positive brand awareness -- i'm never able to go anywhere without getting peppered with raves and happy customer comments, and i love wearing company logo gear when i'm out for this reason. You matter at Netflix. There is no dead wood, everyone is doing something very important to the company or they wouldn't be there. What you are doing matters and makes a difference, and that feels good. You can really make a difference no matter what your role. The company often repeats that as an employee, you're not on an olympic team -- meaning, you don't do this 24/7 with no life, with all focus on the gold. WE're more of a varsity team, playing to win, very good, but still have to balance with classes and learning. We need to have a good work/life balance and its very important to the company that we do. I think the best thing - and its subtle - is this no vacation/no holiday stuff. you work when you work. they seem to realize that everyone is working hard and all the time. nights. weekends often. a ton of hard work. so if you want to take time off for a vacation, a long holiday, a day off, whatever- it happens at your own discretion. you don't ask, you don't get permission. you just do what you have to do. no one is keeping track. i've never heard of this kind of policy and you cannot imagine what it doest for your morale, for feeling like you're being treated like a grown up. For that rule alone I think it stands beyond any other org.
Cons
Netflix is not for everyone. You don't get "direction" so much as everyone shares a common understanding of company strategy and goals. You are free to work, and some will find this harder than just being told what to do. Netflix doesn't have "average" workers - everyone is high functioning, highly motivated and independent, and expectations are enormous. There is nothing like a career position here. There is high turn over, and its unnerving to many. There is an understanding: "good average work and productivity does not get a modest raise, but a generous severence." It's a pro team, and the team fit is also as important as the individual performance. You could be excellent, but if you're not HIGHLY communicative, cooperative, egoless, you can get cut just in the team balancing of moving quickly and effectively. you must be able and willing to share early and often about everything. projects that are new and forming get debated and you have to defend your position and hear critique well. recognizing that criticism is of the work and not you is essential -- a thin skin won't work well. quiet hard work doesn't work well (for some engineers perhaps); you don't ask permission, but you must be able to clearly articulate why you do what you are doing, and support this position. you must realize that ideas are not fragile, and only through debate with smart people who share your understanding of company goals and strategy will ideas be improved. This is serious work. It's really fun, but make no mistake, it's hard and not for everyone.