Pros
Most of your peers, especially at the individual contributor level are great people to work with. There are a lot of experts in their fields who have chosen to work at REI, so you can learn a lot if you are coming from a less sophisticated company. The co-op still has worthwhile values that are unique in business, especially in a retail environment. It's easy to have pride in what REI publicly stands for.
Cons
In most departments the majority of leaders are recently promoted, either from within or hired from the outside and given a big promotion in the process. Unfortunately, most of these "leaders" have clearly risen to the level of their incompetence. Their performance typically ranges from good/acceptable to shockingly terrible and in most cases it's the latter. Micromanagement is rampant and amateurish VP's don't trust the experts on their teams. Morale is tanking as a result and a number of the most talented employees have recently defected or been let go.