Pros
The work can be interesting and the engineers are very smart. You will rarely feel that your coworkers aren't up to snuff. Your work is can be quite self directed depending on your direct manager. The benefits package is good. The stock varies wildly so it is possible to get a nice kicker on the salary from the ESPP and stock bonuses.
Cons
The upper management treats the engineers like children. The praise for a job well done is shallow and public scolding via email is a common technique to "motivate" individuals and teams. The constant state of emergency dulls your senses over time. The lack of investment in infrastructure to prevent the next crises is frustrating and demoralizing. The workplace is all business all the time - all employee events such as holiday parties have been turned into charity events that management will pressure you to contribute to.