Pros
It's great to work on products with outstanding recognition. Everybody believes in the product to a good extent and engineers ability to provide input on many aspects of a product even if it's not their area of expertise (such as user interface, process, and general quality). There is little bureaucracy and politics for a company of its size. I've worked for companies many times smaller with far more politics which creates inefficiencies through needless intracompany competitiveness and lack of communication. This is less so at Apple due to 3 reasons: 1) Almost everybody is in Cupertino so it's a lot less likely you'll talk behind someone's back if you actually see them face to face in meetings. 2) There is a culture of communication where it's okay to provide input on process without people getting very offended (Apple's own bug tracking system is part of this. 3) Steve Jobs is on top of things; if he see's bureaucracy he will cut it out, and even if he doesn't there is a fear that if he does see you as a bureaucrat he will cut you out. I like the people a lot here: They are very smart and pretty humble. There is not much individual arrogance which makes it a comfortable place to be (although there is a fair amount of arrogance on the products). Good focus on products.
Cons
The focus on products (and profits) means it's unlikely for Apple to stray into new territory or experiment with something that doesn't have a clear path for profitability. (There will never by a policy at Apple which allows engineers to spend %20 of their time working on some experimental project like Google or other companies have). There is some arrogance on the products where engineers believe what they have done is THE right way to do it despite users having valid complaints about it. Apple is pretty cheap. It's difficult to get managers to to spend money or invest unless there is a clear path for profitability as the result of the investment (this includes training such as books and conferences). Thats one of the reasons it's go $46 billion in the bank. Also as a result of the company's frugality, Apple hasn't really shared it's success with employees who have worked very hard to get it there. There is job stability in a poor economy, but there is no profit sharing or increase in bonuses as a result of record revenues and profitability. Not even the products are given to employees or discounted very highly.