Pros
Schwab provides a nice work environment in which you are expected to "do the best work of your life". The salary is on-par or slightly above par when compared with the gammut of industries in SF. The benefits package is one of the best in the SF area. The bonuses for the SF area are pretty decent, especially when you compare to other industries. Schwab also stresses achieving a work life balance, but that is dependent on your group and manager. Overall, the package provides for a pretty good experience and the opportunities within the company are pretty good. You should definitely consider this as a place to work.
Cons
Schwab hires and fires (aka layoffs) with Wall Street cycles. Recently, with all of the financial turmoil, Schwab has faired slightly better than other companies in the industry, but has been doing layoffs almost on a reguilar basis for quite some time. With all of the cost cutting, some of the recent strategic moves are questionable. Lots of politics involved in working there and you must play the game if you want to advance. If you're in the IT area, you always have to worry about being outsourced since Schwab does a fair amount of outsourcing. All in all, still not too bad a place to work.