Pros
Truly stellar work experience (likely team/geography dependent), very interesting and challenging job. It's easy for a motivated, personable engineer to gain enormous independence - produce results and you can truly manage your own time. Every day is a little different, job is roughly 70% technical, 30% business. Pay is a little > than industry average, and benefits are very good. Senior Management loves SE's. Frequent face time with CEO, who is visionary, and capable of detecting, admitting, and correcting his own mistakes. That's important and somewhat rare in top leadership IMHO.
Cons
There really isn't much of a career path if you don't want to be an Account Manager, and the company is very tight with stock grants. This may be mostly a reflection of the size (2013 Q2 Market cap of 1B, 350M rev, 1k employees). One employee mentioned politics and I don't disagree, I've seen it. It would be best if a small number of long term managers moved on, but in my role and location I'm largely unaffected.