Pros
You will learn a lot about food, wine, and service. I've learned more about how to treat a guest (in any situation, not just serving) more than I ever have. I have learned a lot about wine and food pairing. Management can seem aggressive and intimidating at first, but it's because they want to challenge you and make you the best you can be. Everyone in the building is working hard and consistent at all times, and if they aren't, they don't stay for long. Advancement is an option for everyone, just show an awesome work ethic, a willingness to be there and make money for the company (and yourself), a team player, and show initiative. Management is usually too busy to consistently praise or reward you, so go to them first if you feel you're doing well enough to move to a higher position, they will definitely appreciate it and look at you with more respect as well. Decent discount on employee food, could be better.
Cons
Long hours can be brutal, especially if we can't get a decent break on doubles. Expect lots of side work, but this is also to maintain a high level of cleanliness and organization, so I would rate that as neutral if I could. Don't mess up, you will have someone watching you at all times if they think you can't perform. There's definitely an atmosphere of "we'll fire you if you mess up" and I know it's supposed to be used as a way to keep us on our feet, but it more often than not feels like a threat. You most likely won't get fired but it sure does feel that way whenever something happens.