Pros
Good opportunity to learn about eBusiness at a large scale. Innovation does happen at Amazon. One can move around within the company and gain exposure to various aspects of the business. Compensation is pretty good but not if you consider the benefits and time demands.
Cons
Culture of micromanagement - very little trust or delegation of ownership. Management is encouraged to drill into every detail and required to defend every decision at every level. Metrics driven customer focus does not take the employee into consideration. There is no work-life balance at this company. Management applies manufacturing discipline to all aspects of the business. So if you want to feel like a factory worker while writing software, this is the place for you. Very little time off. If your salary looks good, make sure you consider the benefits too. Poor 401K matching, poor time off, poor holidays, etc.