Pros
It's very lax. You can come to work in a pair of jeans and a Tshirt, and it's not as "formal" as Gap or Banana Republic. Prices are cheap, sales are good, and your discount stacks on top of the available sales. There's also a lot of leeway in policy. You have a lot of wiggle room to "Be You," as the policy goes.
Cons
The organization skills of the company is crap. Half the time reports don't post, they fail to send marketing, or, as with Christmas at my store, marketing comes damaged. It's like they hired a bunch of drunk high school students to run the Old Navy section of Gap. I've had instances when marketing materials never got sent to our store, and we don't find this out until the morning it's supposed to go out. They're also notorious for typos in their reports, marketing, and mails. Sloppy, very, very sloppy. Benefits are crap until you're a manager. There are part-time benefits, but they're not really worth it. The pay is mediocre at best, with only ten cent raises awarded across the board. Which is another con. They evaluate the store as a whole. The bad apples get rewarded just as well as the good apples. They value teamwork, and devalue the individual worker. Also, be prepared to shove credit cards at people. The company puts more importance on their credit card numbers than they do the customer's overall satisfaction. It's kind of sad. Also, it seems there's a bit too much wiggle room for corrupt management. Unless they're stealing from the store or outright discriminating against an associate, it's very hard to get anything done. At my store, the Store Manager is in the back half the time on her cell phone, or better yet, the company phone, rambling to her daughters, when the cashiers have been calling for her help for thirty minutes. She's also tardy to work by about two hours every shift.