Pros
Loads of interesting, cutting edge work, if you are in the right project and in the right group, and if you're willing to put in many many extra hours. Many smart engineers to work with. Many good people willing to help you. They try to create a good working environment and culture from the top.
Cons
Depending on the group you end up with and your project / line managers, your mileage may vary a great deal, as far as your growth and availability of interesting work is concerned. Reward depends on how well you select your reviewers, which is a rigged game, and how many extra night/weekend hours you can put in around the review periods. Pressure cooker environment encourages either apathetic or abusive personality over the long run (reads political). Some middle managers exudes these traits.