Pros
No company is perfect, but Larry and Sergey aim at running a great one. Free food is just the beginning, although parents of small kids will find it especially liberating to bring them over for dinner after a hard day of work rather than cooking. There are weekly TGIF meeting swhere pretty much all important confidential company plans are shared with employees and the later have an opportunity to ask any questions they wish to Larry, Sergey and any presenters. Quality of coworkers rocks. Managers are restricted to people/project decisions and do not interfere in technical aspects of the job. There are always parties, gifts, events and learning opportunities of both technical and personal nature. This is definitely a place where you can work 9-5 and prioritize family, school events and so on if you so choose. If you are a workaholic, you will definitely be accommodated. While the later group may justifiably receive promotions and pay hikes, but the former will not fired or mistreated for their choices. If you have what it takes, join and never look back!
Cons
Mandatory code reviews create a government like culture where people can "filibuster" something they don't like by just whining and refusing to approve the contribution until the author gives in. There is a lack of a single person or team who is responsible for an overall priorities and schedule of a given project. Separate control of various aspects, like feature, UI and code can stunt timely progress of a product. You have to be competent and self-confident to comfortably work with competent and often hard-headed people. Interview process is capricious and often rejects well-qualified and valuable people for irrational reasons, like "staying at the previous company too long".
