Pros
You are in the industry at one of the larger movie studios in the business. Everything is located in one central area on the lot. Although the bulidings and lot may be a bit old, it's because all the money is spent on production. There were a lot of smart people in my group that had come to entertainment after working in other high exposure jobs. They were very nice, approachable and easy to talk to (an abberation from your typical industry person). Additionally, its located near a lot of food like west hollywood, koreatown, downtown. Also, you get a lot of free stuff and awesome holiday parties.
Cons
Salary - Paramount typically paid lower than average salaries, however, i believe that has been changed since i left. Nonetheless, we worked long hours on salary and were never properly compensated for it other than ordering dinner. In this economic and job anemic environment, maybe you can do that, but back when i was there and the grass was still green, it was a pain to deal with. Financially, paramount, maybe this is systematic to the entire industry, but was a struggling company. With revenues not as large as before and large conglomerates trying to shed wasteful investments, you can be rest assured they're going to start cutting at the studios.