Pros
EA offers so much when it comes to benefits and stability - especially in a volatile marketplace like today. Even with an impending 10% layoff, there is always a group of hangers-on that seems to be skating by at EA so that won't negatively impact the stability of the company IMO. No other company can touch the benefits packages of vision, health, dental, etc as well as stock purchase plans, 401k, and the like. There are also some of the brightest people out there hands-down to work with. EA is so massive and has so many ways to share knowledge...it's quite impressive.
Cons
Politics tend to be the most frustrating part of working at EA. There are quite a few people that have been in the same job for a long long time. Regardless of their skill and track record (i.e. multiple failures in games...driving franchises into cancellation or worse scores), they tend to have a massive amount of control and power over everything from the game design (eek!) to promotions. There is also a bit of weird structure stuff going on - tons of middle managers, tons of inefficient central teams, and tons of people that tend to get in the get in the way of progress instead of caring about the one ultimate thing we should all be here for - making great games.