Pros: Tons of smart people. Arguably the most interesting problems in computer science are being tackled on a daily basis -- certainly at an unparalleled scale. Different product areas have different cultures, so it's hard to generalize about the company as a whole, but I don't think any other company offers as good a combination of interesting projects, great benefits and compensation, smart co-workers, and good culture. It is worth noting that your experience can vary a lot depending on your product area and manager.

Cons: The company has gone a bit overboard in adding multiple levels of management in recent years, and the organization feels more top-down than in the past, but neither aspect is too severe. Be prepared for a long commute if you want to live anywhere affordable or interesting. There is an astonishing lack of diversity in political viewpoints; if your heroes are not Barack Obama, Nancy Pelosi, and Paul Krugman, then don't even think about engaging in a political discussion with your peers (in person or on any internal mailing lists).

Pros: Good work-life balance. Smart people. Good benefits.

Cons: Feel like a cog. Don't learn much.

Pros: Still quite a few good employees at Google trying to do the right thing and striving for engineering excellence.

Cons: Bogged down by bureaucracy, reorgs, and empire building. Too much politics and backstabbing is getting in the way of actual meaningful progress and innovation. Mediocrity is rewarded over excellence, since most days are wasted on political posturing in meetings.