Pros
There are a lot of great people and passionate gamers at PlayStation. There is also a lot going on and projects can change quickly, so if you thrive on rolling with the punches, you will be happy here. There is very little bench depth, so you also have to pull your own weight - but the people are willing to help and work a few extra hours so you can be successful.
Cons
Limited advancement opportunities and layoffs every 3-6 months. Employment is very unstable and management will not give you a heads up before you get a pink slip. In fact, we were told that no layoffs were being considered at a quarterly meeting by our SR. VP, yet 2 weeks later 50 positions were eliminated. Management is also pretty dishonest in general, and you can never get a feeling if the business is doing well or is in trouble. Finally, all the horror stories you hear about how people are "let go" in the gaming industry is very true at PlayStation - basically, your position was eliminated - give us your badge and get out.