E&Y is a great if you have real ambition and tenacity, but not for someone who isn't willing to put career first.
Pros
Ernst & Young is clearly committed to quality in everything they do, as their tag line states. They demonstrate this commitment in how they develop and mentor their people, approach their client-serving responsibilities and work products, give back to the community, and embrace diversity.
Cons
Despite the many great strides in efforts to promote work-life balance, Ernst & Young faces the seemly impossible task of enabling individuals in client-serving positions to pursue their personal and professional goals simultaneously without unduly interfering with expectations on either side. Simply put, it is very difficult for individuals who want to work full time instead of on a reduced hours basis ("flexible work arrangement" as it's called) to make time for family or other personal commitments when the job calls for 60-80 hour work weeks for at least a third of the year. I also think 3 weeks paid vacation for non-managers and 4-weeks paid vacation for managers is below industry standard, though Ernst & Young does have many other competitive benefits available.