Pros
Some great people who want to do better (but can't because they're being oppressed by process and senior management that doesn't trust the decision making capabilities of their employees). A lot of parking. Close to an estuary for nice walks when you need to vent and get out of the office. Good for taking phone screens from recruiters. Electric car charging stations. Herman Miller chairs.
Cons
Product organization has become a spineless group who serve at the mercy of the GMs. GMs are so involved in the day-to-day that business strategy becomes watered down to copying what the next closest competitor is doing. In a GM versus PM cage match, GM wins every time. PM org is basically beat down and largely has no energy left to care. Innovation does not mean the same as it does to the rest of Silicon Valley. At Shutterfly, innovation equates to "copy what they are doing" with a different page layout. So many people involved in decision making that what could be a great idea ends up being a mediocre middle ground because the teams are trying to satisfy everyone's feedback and opinions. Though many will say it is a collaborative environment, there is an undercurrent of blame that ripples through the organization. Something goes wrong and there's a witch hunt that is positioned as a way to help us all do better. Specialties is the closest place to get out for lunch. Meetings all day.