Pros
Amazing culture - transparent and friendly, which is very different from many US companies. Trust and knowledge sharing are highly valued. Culture fit is verified during the hiring process, which establishes a healthy office environment. The management structure is very flat. Some people may not like it, though. The benefits are generous and the work/life balance is ideal. There's a great amount of autonomy for the engineers with a potential for growth and startup-like sense of ownership, if you land on the team that fits (needless to say that changing teams is allowed). On-call policy makes sense. Engineering ecosystem is quite mature and standardized (both data and backend).
Cons
It's amazing how Spotify grew during the last 2 years. There are still a lot of fun and passionate people around, but some are leaving. At some point there was a deficit of senior engineers, and a lot of teams were in need of (but lacked) some guidance and a sense of direction from the management. The problem seems to be fixing itself slowly, yet some services that were "hacked together" still exist and do need maintenance. Engineering used to be more innovative and less leaning on out-of-the-box solutions, such as GCP stack. It makes sense from the operational point of view, but I feel like Spotify's own R&D has the capacity to generate more value by building amazing things in-house.
