Pros
Lots of opportunity to write greenfield code and be part of the full project life cycle. Lots of freedom for developers to use new technologies and experiment. Isn't hard to get a job, mainly good for inexperienced graduates.
Cons
Salary is average for a graduate, but pay rises are ridiculously low. After 1 year if you are a dedicated developer and have gained decent skills you can count with a pay rise of at least 20% by going to work to a top notch company in central London. Developers quality is average, maybe a consequence of too many graduates. Although they use Java, you won't find Java Experts. Most people come from other languages background and are only average developers. When project deadlines approach and lots is still left to be finished (because of bad planning and lack of software testing) you will be asked to work longer hours (like Investment Banks), but don't expect a bonus at the end of the year...