Pros
Good opportunities outside of the company after your time has been served as an analyst. Base pay is about the same as every other investment bank's analyst pay. If you work outside of NYC, it is a good amount and you should be able to save money/invest. Meal pay, up to $25 per dinner per analyst. (Since you will always be in the office until around midnight) Always fun to get that yearly bonus. Invest it wisely.
Cons
You are expected to work at least 100 hours a week. Many weeks were 120 hour work weeks. For the hours you work, what you bring home isn't that great. Same hourly pay as a McDonald's manager. MD's and VP's have fits if the littlest thing goes wrong. You will have absolutely NO life for 2-3 years. You won't be able to see your family, you won't have time to date or have a significant other, you won't be able to experience the place you live in. Won't have time to exercise much, cook, volunteer, or enjoy any hobbies that you like besides maybe going to see movies every once in a while. You have to REALLY want this and want the opportunities that the job gives you when you apply for associate jobs or MBA programs. You will be burnt out a lot.