Pros
Working on great video games and getting experience on a wide variety of consoles and bug DBs. The atmosphere in the office (UK) is friendly and usually relaxed (there are stressful times here too during peak periods!). Leads and managers are competent and approachable, and they will actually listen to you if your are bringing up good ideas. There are training opportunities and fair chances to advance due to merit rather than favoritism. Annual bonus and pay rise, nice benefits, HR actually know what they are doing.
Cons
Pay is low but in range for this industry. There is the chance of getting stuck on working on the same video game for years in a row if you are assigned to the team who work on the franchise (yet, you might like that if you are a fan).