Pros
My favorite thing about Netflix is being surrounded by a ridiculously talented group of people who are also fun to work with. Management provides a clear compass about the priorities of the company, and that makes it easy for teams to prioritize their projects appropriately. The next few years are going to be really interesting, with the company making the transition from a really good DVD by mail service to a great way to get movies by mail or over the internet.
Cons
Netflix has a very strong defined culture, and if you fit that culture, it's a fabulous place to work. If the underlying philosophies don't mesh well with how you see the world, it can be a painful place to work. If you're thinking about taking a job at Netflix, take time to investigate the culture fit. I haven't seen anyone be successful here if the culture fit is off.