Pros
Excellent benefits. Liberal time-off policy (although not consistently applied across departments), including 6-week paid sabbatical every four years. New stylish, ultra-modern office in convenient location in Loop. Casual dress code and casual work environment. Many good people to work with, but a few bad apples that can make life difficult too.
Cons
Compensation for some positions is far below industry standards. Bonus structure is unclear and can fluctuate dramatically. Pay raises happen seldomly - if you want to work here, be sure you negotiate the salary you're going to want for the next decade, because you'll probably still be making that same salary. Career advancement path lacks direction - it depends more on who you know than what you know. Some middle- and upper-level managers have very little management training or experience, and as a result, their departments suffer. Some poor managers can make going to work everyday a nightmare - as has been my case.