Pros
Expensive chairs. Uniquely shaped cubical. Dual monitors (even though almost every development shop offers this now). Great business model. Great opportunity for junior developers looking for a year or two of work (build your resume).
Cons
I worked at Red Ventures for a number of years as a web developer. As a junior level developer, the opportunity to work in a group environment was a major bonus for me. They held code reviews on projects which allowed more junior developers to see coding practices of those that had been around for a while. It became clear after a while that they hire as many developers as they can at bottom of the barrel prices and tear through them without remorse. In a months period, it wasn't unusual to see half of the development staff not come back to work. The final straw was when the CTO gave a prospective employer a very bad recommendation of me, even though I received excellent work evaluations while at Red Ventures.