Pros
Good place to gain experience if you have a very short or lacking resume. However, it is best not to have any baggage when you begin. Baggage being hobbies, friends, children, significant other, etc... You will have little to no time to tend to such things. You do receive free snacks, soft drinks, water, and an occasional lunch. If you are one of the elite, cocktail hour begins around 4. If you enjoy a fast-paced environment where priorities change hourly, this is the place for you. Low self-esteem will also work in your favor as the "person that signs your check" will make every decision for you and then blame you when things don't go as that person envisioned.
Cons
There is a clear an obvious double standard in regards to which rules/policies apply to which employees. If you're on the favored list, it appears to be unlimited vacation, sick days, executive kitchen privileges, and you come and go as you please. If you're in the majority, your every action will be carefully scrutinized.