Pros
marketability is the main reason. The name alone looks great on resumes. Additionally, I've met a lot of great people here, the majority of them have since left though. On top of the people, there is a tremendous opportunity to learn and develop, especially in the first few years. I can say that I've learned a lot over my first 2+ years.
Cons
The compensation is dowright pitiful when you consider with the amount of time spent working and raises have been generally going downward despite the fact that they keep touting how well we are doing as a firm as compared to the other big 4. Also they talk a lot about firm initiatives like "people first" and "flexibility" but the truth of the matter is that truly only exists for senior managers (to and extent) and partners.