Pros
Great, smart people who really care about the quality of the work. Very, very coo clients: Nike, Coke, Xbox, Target, Kraft, Borders,Visa, Microsoft, Gap, etc. Very innovative work that is respected and noticed by the entire industry. AKQA is top of the industry and it doesn't hurt to have this kind of recognition by our peers. For the most part, there is a lot of respect for life/work balance; has not always been this way, but it seems to have improved. Many good friends who honestly care about each other, so people look out for your health and well being.
Cons
Too much politics. Way too much overhead (people who don't really do anything but get paid a ton of money to talk crap and look important). Too much "star" power. If you're not one of the people getting an award at one of the fancy award shows, or you're not in every industry magazine known to man, then you're pretty much not considered important at all. It seems like its more important to talk the talk than it is to walk the walk. There are many really useless people who are not very smart and do not do much at all!