Pros
Ability to trade away or pick up extra hours as long as a quarterly minimum is met. Depending on your department you may have a lot of down time where you sit around waiting for assignments (could be a considered a con to some). Shifts are bid quarterly by seniority (your schedule may change if you don't have enough seniority to hold the line you want. You can pick up overtime shifts after only working 30 hours in a week. TVs with Directv and NFL Sunday Ticket in the breakroom (I have sat and watched entire footballs games on Sunday). Free flights for you and your parents, spouse (can choose any other person if not married), children (under 24 yo) on a space available basis. Reduced rate space available travel on many other airlines. 401k match up to 5%, and an additional 5% of your earnings deposited into your 401k quarterly even if you don't contribute to your 401k (you will get 15% of pay into your 401k for only contributing 5% of your own money).
Cons
Sick time and vacation time are accrued weekly instead of given at the start of the year. They also come from the same bank so you have to choose between taking a vacation or getting paid when sick. Medical and dental have steep weekly premiums with a huge deductible, and a separate and expensive ER copay that doesn't apply to your deductible. It's a 24/7/365 operation. Shift times are terrible. You either start super early (5am or earlier) or end super late (1am or later). Not a lot of shifts with weekends off. There are people with 10+ years that still cannot get Sat/Sun off. You must work holidays if they fall on your regularly scheduled work day, and not all holidays pay overtime like other airlines. Attendance policy is terrible with added punishment for calling out on or near holidays (you won't get holiday pay for calling out the day before or after a holiday). They require a doctors' note for any absence over one day or you receive added discipline. If you pair that policy with their terrible health insurance it's a slap in the face x2. When their operation falls apart (which is a regular occurrence) they will force you to stay and work mandatory overtime or you will face discipline. They review every piece of compensation and benefits separately and at different times, and often give pay raises that are negated by an increase in health insurance (or some other benefit) at a later date. This is done so that employees do not notice that there is no actual net gain when getting a raise. Most policies contain an extreme amount of legalese and leave a lot of gray area so they can be interpreted by the company as they see fit. Management is overbearing and likes to micromanage the place so badly that it effects efficiency and morale. Pilot and flight attendants have organized into Unions to reach better compensation and treatment by the company. Ground Operations department is trying to organize currently as well. Company offers profit-sharing, but has recently revised the formula for calculating the pay-out which makes it almost impossible to receive. Company also offers a quarterly incentive (cash) program that is based on unrealistic company performance goals that many employees have no control over. These goals are more than often not met, and no pay-out is given. Very limited upward mobility unless you are constantly spending time chit-chatting with management. Random drug tests no matter what position you work. Zero tolerance drug/alcohol policy, and they will fire you for smoking pot even if it is legal where you live. Once you make top pay you will have a bulls eye on your back, and they will be very creative in finding ways to discipline and ultimately fire you (for making too much money). Promotions are given to those who say "yes" the most instead of based on intelligence (about the job) or actual leadership ability.