Pros
Generous benefits and vacation, flex scheduling and ability to work remotely (depending on team and role). Beautiful, shiny campus with free Coke products. Lots of events and swag, if that's important to you. If you play politics correctly, you can move around and up quickly. You can learn a lot and make great connections if you work smart (not hard). Looking back at the opportunity I had and the things I learned, a lot of the complaints I had upon leaving are truly not that bad in comparison to other companies.
Cons
If you are promoted quickly, your pay raises are minimal and you end up making a lot less than market/your peers, in spite of being seen as a top performer. Traffic can be horrible if you live in the 'burbs, but if your manager is understanding, that can be worked around. EXTREMELY political; you absolutely want to know who the power movers actually are (you may be surprised) and get on their good side quickly, otherwise you could find your team/role eliminated without the support you need to find another role internally. In the past, mediocrity was tolerated, so people could have long careers in the same role and not feel pressure to learn, move around/up, and stagnate. With the restructuring, that seems to be less and less the case. But obviously, as with all restructurings, management got it wrong frequently and kept average performers, while letting high potential people walk.