Pros: free meals
Cons: extremely compartmentalized business units, high turnover, unclear management structure, lack of focus or goals, low salary, not receptive to feedback or suggestions
Google's management structure consists of a caste of managers whom freely rotate from project to project irrespective of their past performance or experience. One of the 6 managers I had while I worked there (a period of 5 months) told us that 5/6 of his previous projects had been failures. That's fine for him, but it's likely that all his employees in that department were laid off. It's also likely that they were low-paid contractors. I discovered that a large number of workers at Google were contractors being paid in the $10-14 per hour range. Many of these contractors were also denied the famous free meals, bus service, and facilities of Google. And they were reprimanded for riding the Google bikes, which are also famous for having a 50% theft rate, yet contractors couldn't use them...
The bottom line is, Google makes it's money off of marketing, and cares little for it's employees, contractors, or customers, beyond their ability to generate revenue. Anyone who says otherwise is probably blinded by the bright colors and slightly-above-standard perks.