Pros: reputation, resume builder, content.
Cons: hours, benefits
I've only worked at three game companies but Treyarch seems like an average company. The hours can be long and the benefits are nearly non-existent for contract workers. But you'll find that almost anywhere. The staff was friendly, but due to the office layout there was very little interaction between teammates. The pay was fair, and they recognized California overtime laws, so compensation was good. You can tell the company is very proud of the work they do. The entire office is decorated with murals, war-time props, giant posters of concept art, previous games, and pretty much anything to break up the monotony of a regular office building.