Pros
Ernst & Young is a good name on your resume, the instant recognizably it provides is unmatched. I would say this is good if you plan on leaving Ernst & Young within 5 years, it is a good stepping stone to better jobs that pay better and allow you to learn more. I think that if you are in a position with a good group and good manager, Ernst & Young is a good place to be, however if you are stuck with a mediocre manager in a subarea that is already uninteresting and hard to work on, it can be somewhere you do not want to be for very long.
Cons
Compensation does not seem on par with the market, Ernst and Young pays lower than a lot of other competing firms. Senior management is very old school and political; it is an old man's club. I would say that there are better opportunities elsewhere just purely based on compensation and that you can gain more experience in your field by working in a smaller firm that will allow you to have more responsibilities and actually allow you to learn about what you are doing. In my short time here I have barely learned anything about the work I was told I was hired to do and instead am stuck on a long term project with no end in sight.