Pros
Wal-Mart is a great place to start if you're young, need a first job or need a little money in your pocket. The pay is decent compared to other stores (Target, K-Mart), you'll get plenty of hours even if you're part-time and if you're store does really well, you'll get a very nice bonus every quarter. There's also a very close family environment among associates, I made a lot of really good friends in the near two years I've been there.
Cons
Incompetent managers, especially salaried members of management, will destroy your experience at Wal-Mart. You know there's something wrong when you realize that you're more qualified to be an assistant manager than the people who are actually assistant managers. Don't bother working too hard either because no one's going to care how much effort you put in. There's no point in going 'above and beyond' because so many people can get away with doing less than half. Also, if you disagree with management or speak up against their silly self-made 'policies and procedures, be prepared to have your job constantly threatened or jeopardized. Management is lazy when it comes to store operations, but the second you question their authority they will make every lasting effort to get you written up and/or fired. Wal-Mart is a perfect example of where being the manager's favorite will get you promoted faster than being the best associate. Aside from the unethical behavior of some managers and the dangerous work environments in the backrooms, as an associate it really feels like You vs. Management vs. Customers. The hostility that you get from everyone further adds to the poor experience. Amid all the profits, trying to please angry customers and home office, associates are treated poorly and are just plain forgotten in the mix.