Great perks, and great for your resume/career
Pros
The work and projects are very challenging; Google's products have wide visibility; great food and perks, and working for Google is great for your resume. Google rewards their top performers well. Base salary tends to run at around the 50th percentile in the industry, but annual bonuses the last few years have been ~25% of salary (it's not uncommon for above average performers to receive bonuses of 25-35% of salary). Google also matches 401K contributions up to $8,250 for U.S. workers. BTW, 401K matching is something I really wished Glassdoor keeps data on. When comparing overall compensation of two or more companies, you have to account for 401K matching.
Cons
The company has grown substantially during the 4+ years I've been here. Management does a good job in trying to limit bureaucracy, but there's definitely more bureaucracy than there was 4 years ago. Also, base salaries tend to be much lower than competitors. For a company that prides itself on hiring the best, they certainly don't pay the best when it comes to base salary.