Absolutely amazing - This is what every company should aspire to be like
Pros
casual and comfortable, free gourmet food, recreational equipment, genuinely friendly people, smart coworkers who work hard and won't give you the "could you explain __?" stall tactic (or they're bright enough they're never confused about what you mean) once you're in, Google likes to keep employees and it's easy to move laterally to another position if the one you're in has its project cut or something
Cons
very rigid upper management structure and company policies. even if someone can do more, you're limited by your role, access, etc. as typical at large companies, departments are very compartmentalized and there's not too much cross-functional interaction. Google also tends to hire more based on credentials first, personality second, and experience third. I've seen bright people who spend 8 hrs doing something that should take 1 hr due to being fresh out of school and lacking experience.