Pros: Free food for management (under certain $ amount), relaxed atmosphere (in slower periods), decent earning potential for servers (cooks might get shafted)
Cons: If you work on an hourly wage: expect to get hosed once in a while, Salaried: same thing; more frequent, Corporate inspections can be painless or a pain in the butt.
Depending on the management at any particular Village Inn, this could be a good place to work, or a very poor one. Corporate-controlled stores have much less freedom in how they want to handle anything in the store, and the ever-looming threat of a corporate inspection tends to set everyone in the store fairly uneasy.
If you get along with enough people, and you know what you want out of the job, you can be promoted fairly easily, given that the management team has an opening. Otherwise, you should expect to move to advance.