Pros
Bungie is one of maybe two or three privately held AAA companies in gaming and has been around for 20+ years. That should be an endorsement in of itself if you've been in the industry for more than a few years. It is, without question, the best studio I've ever worked in and the only place in my professional career where they've said 'we respect work/life balance' and mean it. The perks are also incredible and I work with some of the most talented and energetic people I've ever met. Bungie's also a healthy company with a good outlook and we're not going anywhere any time soon. After my last few jobs at studios owned by big publishers, I was ready to leave the industry, but decided to roll the dice on Bungie. I'm glad I did and I wouldn't want to work anywhere else.
Cons
The application / interview process can take a long time; like half a year long. The pay isn't amazing, but is absolutely fine for the area and in line with industry standards. Internal dev tools are pretty bad and while programming is working to fix it, you can lose half a day or more when one of them breaks or crashes.