Don't think your going to be taking some long vacations and slacking off friends!
Pros
They pay about 20% above market. The options and ESPP benefits are better than any other company I have worked for. The management is smart as hell. If you wonder where people from Harvard, MIT, Stanford and Yale work...it's at Netflix. There is unlimited time off...I'll explain that one in a minute. Every employee there is a top achiever, no dead weight, no people you dread because they don't get their work done.
Cons
People get fired right and left. They churn the bottom 25% of the workforce constantly. I e-mailed someone for a month without realizing they had been fired. People never take vacation even though they have the unlimited rule. You are expected to achieve at a level that will burn you out if your not careful. If you slack off prepare to get the boot! I did not get fired, I left on my own will but I found the environment very stressful.