Pros
Apple employes some fantastic people who are smart and hard working. The company is growing and continues to do well. From a brand standpoint, there are few better companies to work if you are in the tech/consumer products industry. Getting to work on exciting and successful products is a privilege. The culture is innovative and entrepreneurial. No bureaucracy or red tape in the way of getting things done.
Cons
Little empowerment from senior management. Little investment into personal and professional development. Meritocratic only to the extent that someone above you leaves (which happens infrequently). Politics can be nightmarish. Internal secrecy often conflicts with knowledge sharing and collaboration. Lack of process and structure. Need to aggressively manage your own career or you can end up staying in the same place forever.