Pros
Awesome environment with smart people. Love the campus, the free food, the gym, the bikes, the perks, the massage, the 401k match, the shuttle service, etc... Love the tech talks, author series, children's center. Openness and transparency with the management team is very useful to understand what's going on with the company. Lots of exciting products are being developed and Google is leading the way in which the internet, collaboration, and mobile applications are being used. The Children's Center is an awesome place for the kids and the majority of teachers are very experienced and knowledgeable about how kids learn and develop.
Cons
Limited Growth potential since it is a flat organization. Google has very flat hierarchy and thus many senior people come in at a lesser job title. For example, many of my peers might have been Managers, VPs at their previous companies and now they are individual contributors and not managing or leading a team. I think Google could do a better job of improving job titles and also career progression even if it is the management of job titles. As another example, as a Sales Engineer, you could be at a level 4, 5, or 6, and still have the same job title of Sales Engineer... Maybe google should make it Associate Sales Engineer, Sales Engineer, Senior Sales Engineer.