Pros
McDonald's is a fascinating company with really interesting challenges if you have patience. It's a strong company with a long-standing track record of results. When times are good, there are always innovative projects to challenge you. The breadth of initiatives can be amazing and energizing. I worked in a global role, so the range of business challenges was especially diverse. Yet, the resistance to actually fund, develop and implement innovative ideas is even more powerful. Getting something implemented is usually an exhausting process, however, when something builds momentum, it can be especially rewarding. The company has really good benefits and can be a great place to build a long term career if you fit the culture. Similarly, opportunities for training and career growth are outstanding if you fit.
Cons
If you don't fit the culture, you should expect a rocky ride provided you get into the company in the first place (which is far from easy). The strong, operations-focused culture values those who grow up in the business. That's great for those who start there and not so great for those who enter later in their career. The attrition rate of those who come from the outside is very high. Relationships are everything so either you have a long history with people to build them or you focus disproportionately on building them. While there are many bright and talented people, those traits are generally less valued and recognized than relationships and hands- on experience. If you don't fit the mold, being bright or especially talented won't help you. Having the best experience from outside is generally not respected because the company is so inwardly focused. If it hasn't been initiated and proven within the company, it's not likely to be a good idea. Resistance to outside ideas is stifling. It's not to say that there aren't many good ideas internally, but outside ideas are usually repelled. I understand that the company is trying to change this, but you don't overcome 59 years of DNA just through your latest management mandate. Because it's not a necessarily a meritocracy, the politics can be especially intense. If you like political gamesmanship and a high ratio of passive-aggressive co-workers, you'll feel at home. While results certainly matter, there are plenty of examples of "successful" people who advance based more on cultural fit than other tangible factors.