Pros
Training is great, small classes with instructors who listen and understand concerns. The system isn't perfect but is always improving, which is all that matters for a company. Great benefits and things to do while on break, follow the rules and it's like being on vacation at work.
Cons
Some departments need better management to keep people sane. When I was working there we were judged on how the customer rated us. Who is going to give you a good rating if you work in the "limitations" department and the only customers you get are already irate about their account being locked (most of the time we weren't even able to remove the lock because other departments were way behind schedule). So we had Irate customers with no means of helping them because another department wasn't able to handle their work load. We were judged on the customer reviews that were out of our control. A customer is given a survey about how you handled their call, it does not matter how polite and sincere you are, people are going to give you a bad rating when you are unable to resolve the issue with the result they wanted (due to PayPal's system). You can coat bad news with anything you want, they are still going to be angry their account is locked and give bad ratings. PayPal created this no win situation by not paying attention to what happens when another department is reliant on another department.