Pros
The culture is generally relaxed and human and wages and benefits tend to match those of other Internet stalwarts. In certain roles, attractive travel benefits tend to be offered and the right candidates in certain disciplines will also receive speedy upward oriented career paths.
Cons
Shareholders dictate the company's actions, so any negative change in stock performance or stockholder opinion will immediately have consequences for employees. These can range from travel bans and perk cuts to massive reorganizations and layoffs. As previous reviewers pointed out, eBay loves reorganizations as they provide the perfect get out of jail free card for incompetent managers. Another such device is acquisition. They prefer to spend huge sums on buying technology start-ups instead of investing internally. Note that the company sees itself as a commerce company that acts like a retailer internally, not a technology or internet company, in spite of what they may state publicly. As such, the main focus of its core business is on marketing, not on technology, and developers therefore generally fare worse than their marketing colleagues. The latter also can rely on third parties doing much of their work and thereby get promoted and receive raises much faster. For eBay management, business expediency is everything, so if your desires cannot be subordinated to any pure market based measure or you do not speak MBA, you will rarely find long term happiness here.