Pros
There are many things said about working for Google, so it makes no sense to reiterate them, but yes the perks are great and the compensation is competitive, and there are very few places that are that much fun to work at! What makes working for Google special is the projects you're working on, instead of re-implementing old concepts you can spend your time on working on new concepts that haven't been done before, if you're passionate about changing the world this is the place to do it at. And the people you work with are just as great, incredibly smart and motivated and a real pleasure and inspiration to work with. In the end, isn't that what's most important? Feeling that you're making a difference and doing something useful, and doing it with people you enjoy working with.
Cons
There are a few people who've grown lazy or are waiting for their stock to vest, but fortunately they are a minority and in my daily life it isn't an issue at all .. it depends a bit on the team you're on though. Also Google is the new favorite target in the press, while a huge amount of what is written is still positive it does sometime require shaking off some wildly speculating headlines and being very careful what you tell the press, if that's a part of your function.
