Nike is fabulous if you are young, dumb, a man and good friends with the people who count.
Pros
branding exposure, passion for sport. If you are in Portland, the facilities are amazing, and access to the fabulous gym, classes, etc. It's also a great place to work if you are fairly junior/young. If you know the right people and are very outgoing, it's a fun environment. There can also be lots of travel.
Cons
Absolutely no career planning, the average time to move to a different job is 18 months. Which is great for those of us with short attention spans, but it's hell on the company's ability to execute anything strategic. By the time someone is in a job just long enough to do some damage, they leave, and the mess they created is left for someone else. It's also very much about who you know. Advancement and promotion mostly depend upon networking your ass off. Which is not all bad, if you are an extrovert and (mostly) a guy. The issue is that there are A LOT of people who are amazing at networking but not amazing at their jobs, and they seem to rise to levels far beyond what should be their paygrade. Nike also does not pay very much, except to the most senior levels of the company. Since the company is relatively flat, it means that most people coming to Nike (unless you are very junior or very, very senior) take a paycut to join. The attitude is very much "you should be lucky to work here!!" Nike can also be a difficult place to work for women. Very much a new boys club. Oddly, for a company that started as such an industry rebel, the company seems to be very risk averse. Their marketing is starting to feel repetitive, and it is hard to get truly new and innovative ideas at the table, especially if they have anything to do with CSR, the women's business.