Pros
NVP is a terrific firm and has a great reputation in the venture world. By far the best part of working there is the quality of the people. The best (and only IMO) way to learn the venture business is by learning from people who know it well in an apprenticeship type setting. And the partners at NVP are not only world class investors, but most are also experienced operators and entrepreneurs - so the scope of learning extends beyond pure investing into the operational and strategic aspects of starting and building a company. In summary - it's a great place to learn not only the venture business, but also what it takes to be a successful entrepreneur.
Cons
The firm has changed a lot in the past 5-8 years. The number of partners / principals has grown significantly, as has the number of associates. The firm now has offices in Israel, India and a satellite in NYC. In addition to their global expansion, the firm has also started growth equity group and expanded into health care. My point in all of this is that as a junior / post MBA team member, the opportunities to move up in the firm on a partner track are more limited than they might have been in the past. From my understanding, it's certainly not impossible, but - like most venture firms - they are still figuring out their succession planning and opportunities for moving up in the firm. It's important to note that this is true with almost all venture firms, and the post MBA program at NVP is among the best I've seen in the industry.