Pros
Amazon is a cool place to work. Amazon prides itself of being obsessed with customer service and being data driven. This clarifies the decision making process for all employees at all levels and enables individuals to make decisions in the best interest of the customer. Amazon gives large responsibilities to all employees regardless of tenure/role in the hopes that the best ideas are driven forward.
Cons
The downside to Amazon's philosophy is the lack of consistent direction. There are many teams trying to build new things for their customers and that leads to different agenda's competing for resources. That combined with the very high turn over rate results in teams who are very inefficient due to having underdeveloped processes and inexperienced engineers. This all leads to an environment where you can get great V1 products out the door quickly, but those products often grow stale very quickly due to the fact that the team can not maintain that initial momentum.