Pros
Good benefits (private health insurance, good gym etc). Compensation is reasonable by industry standard. Reputation: definitely looks good on your CV. You meet very smart people, great place for networking.
Cons
Massive workplace politics, you have to scream loud for visibility, seriously you need to scream for anything you have done, you are doing, or you haven't done but would like to do - as long as it makes you sound good. Some decent, but not loud enough people got laid off first. The performance evaluation is rather subjective, unlike what they told you, it's not linked to your compensation in most cases - people who scored high in their review could still get very little based on how much you're 'favoured' by the management. Career development completely depends on your boss, and your boss' boss: if you have a supportive manager in career development and guides you about promotion do's and don'ts, it's great. Otherwise you have to fight for yourself. Worst of all, some managers would actually prefer keeping you working on the same stuff for years and stop you from moving to other teams. You don't get to work with smart people all the time, there are a fair amount of incompetent people in the back office divisions.