Pros
The quality of coworkers is outstanding, though declining over time as we hire more and more MBAs with plain and boring backgrounds. The perks in terms of facilities are still quite amazing. You can't beat the lunches in Mountain View, the clear weather, and the energy if you're on the main campus (bldg 40-43). If you're on a key team, there's also ample opportunity to jet around the world and work at your own pace doing things you love.
Cons
Gone are the days of a biologist being hired as a senior product manager (Salar). Now Google hires MBAs with 2 years at Proctor and Gamble or 3 years at an investment bank as our typical product hire. People that thrive on bureaucracy and build up the team. When HR is more than a few dozen people and there are both HR and Facilities vice presidents, you know that the company has gotten way too top heavy.