Pros
The company makes an effort to treat their employees with awesome weekly treats like coffee, a plethora of snacks and the casual food catering provided during large studio meetings. The Pay for contract employees is really good compared to other game companies. Contract employees are for the most part taken very seriously. The "job" itself is fun and brings a sense of accomplishment and purpose.
Cons
Overall, the Contract to actual company employee transition is a mess. The politics behind which employees get converted and which don't is handled in a very secretive matter and very little effort is done by management to "educate" their contract employees about proper training. As a contract employee you will also be opted out from the "free" lunch system. Culturally, the company is very socially awkward. Be prepared to see anti-social employees who will ignore you in the studio even after you had lunch with them, this includes your own team members. Despite the recent changes with company structure, some departments are getting low to absolutely no priority for their contract to Bungie conversion. Meaning that even though the "contract" employee situation is getting better, not all teams are being treated equally. This becomes unfair for contract employees who have committed more than a year and are still under contract despite the new changes.