Pros
Shutterfly is a great place to work. Everyone here is very smart, very nice, and very good at what they do. Upper management is fairly clear in their directives, and everyone generally seems to be on the same page about what direction we are heading. The work-life balance here is one of the best I've ever encountered - while expectations are high and everyone wants to do their best, everyone also understands that there is a time to relax and have fun, both with co-workers and with your own families.
Cons
This is a fairly "flat" organization, and there are not a lot of opportunities for career advancement. Additionally, the quarterly review system is a bit flawed in that it allows for reviews only of an employee by a manager - while the employee contributes heavily to the review process, there is no opportunity for peer reviews, nor is there any opportunity for the employee to give feedback on the manager.