Pros
Convenient location if you live in Nassau County. You will see business, since Arbor is known in the market. Arbor is in the business of making money so when the market is strong, deals do get done. If you are straight out of college, it's a decent place to hang for 18-24 months as you will get a decent amount of experience under your belt. If you are more seasoned --i.e., 10+ years of experience--then it's more a roll of the dice. Benefits are OK, but don't expect 2-for-1 401-k matching--or even 1-for-1. If you like bagels then you're all set: Free bagels on Wed morning.
Cons
Small company mentality. Senior management does what it wants, doesn't deem it necessary to communicate with the rank and file. Keeps pay low and advancement is difficult unless you are a favored son/daughter. If your group head doesn't strongly push for recognition for his people don't expect to see raises or promotions coming your way. You will feel that while senior management gets richer, you are stuck in a rut. There's a large sense of people looking out for themselves. No true team spirit. Also, if you have ever worked in NYC you will note the big downside to being out of it by working in the 'burbs.