Pros
Whenever it is necessary to have your days off, you can always talk to your manager and he/she approves it with no questions. I just took a month off from work even though I am a rookie. Flexible work schedule is also a big positive. For example, if I wake up late, no problem at all. As long as I manage my portion of work, no one will blame me. If you think you've done your part, you can even go home early. One of the best companies to work for if you are a soccer mom or a single parent.
Cons
Low pay, I graduated from 4 yr university with BS and have 2-3 yrs of experience from several internships during school but IKEA offered a very unreasonable pay at first. I refused it once and they raised it little bit but still I'm not satisfied. Since I am a rookie, I am planning to get a new job when it comes to my one year anniversary at IKEA. IKEA has great work life balance but the pay is really low. I've asked this questions to lots of my co-workers and all of them responded the same. If you want to work for IKEA, be ready to get a minimum pay rate.