Pros
Benefits. Experience how a huge company with thousands of engineers provides internal tool to cater for the corporate needs.
Cons
A lot of lip-service to work-life balance, but in practice the way performance is gauged (along with short-staffed teams) causes people to put in long hours and be available even late at night. People leave/switch teams after just 1 year of tenure, teams and management are still stuck on their way to do things from before Google acquired them. This causes unhealthy practices (which are supposedly absent from larger Google) like stack-ranking to still be used. The compensation is not that good, considering that they'll try to hire you at a lower level compared to your prior experience. Some of the perks are also weakened or made useless: attending external conferences can be expensed only for 1/3rd of the cost of the ticket, or 2/3rd of cost of the ticket only if approved by the manager (which in my experience is never granted, unlike what happens with Google's competitors), otherwise you'll also have to use your days off to be able to attend the conference (putting some severe disincentives for you to attend). It's sad to realise that Google does so little for their Engineers' professional development.