Pros
Corporate events are quite social and provide paid-for meals and open bars, happy hours are frequent, and team building activities are plenty which offers a quick get away from work on a quarterly and annual basis. To the naked eye, it is an upbeat positive atmosphere until you are there long enough to see what is really going on. Change is constant so if you are willing to fake it (being fake) until you make it (get promoted) there are opportunities (if they like you enough) to get experience in all facets of the business (experience to take elsewhere). Quarterly bonuses are not guaranteed but come in handy.
Cons
Huge conflict of interest with middle management relationships. Honestly, most of them are either family, spouses, or best friends. If you don't fit in at their dinner party, you most likely won't get a seat at the corporate table either. You might stay entry level forever if you don't learn to suck up to the right people. Activities among teams can seem forced and really just a way for management to pick their next target for who is cool enough or fitting enough to join their team. Work load is not fairly delegated - for supervisors and entry level employees. Management is oblivious to the real issues of employees because they live in their own entitled world. I'll just agree with other comments here and say it is a very high-school like environment where anyone they want to sabotage, they will. Managers will sabotage careers, trap you in a position until you quit, or ruin your reputation so that you can never move. If you can't smile and roll with the punches here, you will get knocked out.