Pros
The atmosphere is fast paced, the salary is decent as are the bonuses (at least so far), communication channels are fairly clear compared to many other places I've worked. I've seen some complaints about programmer notes in some of the other posts, but at least there are systems for tracking issues, projects and work completed--I've worked in many places outside the finance industry where things aren't nearly as clear-cut. Many of the Plan B changes appear to be intended for improving retention, especially for employees with families. Bloomberg used to be notorious for requiring "face time" from employees; having the option to work at home for a day when kids are sick makes life a lot easier.
Cons
The hours can be long, it is expensive to live in/near NYC, and sometimes upper management decisions are a mystery.