Pros
PayPal treats its employees really well. Most of the folks I see around are decent individuals and very accommodative. The culture promotes basic good behavior when interacting with others. The benefits and salary are much better than most other competitors. If you are in a good org there are opportunities to do decent amount of good amount of technical work.
Cons
The competition at PayPal is a bit unhealthy. There are certain cliques where they wont let you move up despite good work. Typical the modus operandi for that is to starve you from good work/projects and not let you succeed. You need to be politically savvy to change into a group that promotes good value oriented approach while giving promotions. In general going up in the game of thrones is not just a function of your skills and value but mostly your political acumen. Those who just do their job but do not spend time or do not have the org support to market their work will not receive kudos for their work. In general it's hard to find a win win situation to add value and succeed in your individual career.