Pros
You are in control of your career - I think the phrase above comes from some HR brochure, but it's largely true at Goldman. Your promotions (and to a large extent your compensation) are based almost entirely on your performance, not some set schedule or years of experience. Those who have excellent performance are promoted rapidly and their compensation increases far beyond what an average salary might be in the this field. Those whose performance is poor or average are asked to leave the firm, so you are always left working with only the best people. The technology organization is surprisingly agile and people can quickly move between projects as business priorities change. There is very little tolerance for wasteful work or projects that do not serve a clear business purpose. There are 3 general job roles people can perform in technology at GS based on their skills and interests, with a focus on business analysis at one and of the spectrum and focus on tech infrastructure at the other end. Putting people in these roles creates people who are highly skilled experts in a specific area and reduces the number of inefficient "jacks of all trades".
Cons
There are some day-to-day politics which reduce the efficiency of the organization, but to a much smaller extent than at other firms. Some people don't like the amount of work or the long hours, but I feel they might just be working for the wrong firm.