Pros
Work/Life balance is the big winner at ANet. I have plenty of time to spend with friends, family, hobbies, or other ventures without any need to use PTO to fit these into my life. My schedule is my own and I'm trusted to get my work done - no micro-managing of hours has ever taken place for myself nor anyone that I work closely with. All hands are required to work 'core hours' from 10a to 4p and can allocate the rest of their hours as they see fit (start early - leave early or start late - leave late). This is immensely helpful when dealing with Seattle's horrendous traffic. Other pluses are pretty standard for the industry. Relaxed workplace and culture leads to allowing people be who they are. You can work in jeans, shorts, or a suit. It's up to you. Pants are required; blue hair is optional. Kids are often seen in the company game room; along with the guys practicing for a Street Fighter tourney or a great round of MTG following each new release. Benefits are top notch with two buy in levels available to match your needs (I've seen very few packages this good). Teams within ArenaNet are generally very close-knit and are very quick to protect and guide other members of their team.
Cons
Pay at ANet is one of the biggest challenges. Seattle/Bellevue are quickly becoming one of the most expensive places to buy and rent. A 3 bed single-family home within the county averages $2400 month and most require 3x monthly salary for approval. Rents drop to a more reasonable $1500 to $1900 in Pierce county; but carries with it 3 hours of commuting round-trip. You should very carefully plan your budget before accepting a position with ANet as the salaries are considered low for the industry; and in my experience very low for the area. Considering the increased cost of living for the Greater Seattle area and ArenaNet paying similar salaries as those found in lesser developed regions; some have found themselves taking a financial loss when accepting a position. Applicants that are single with no pets find living arrangements much easier as room-for-rent listings are abundant in the area. These rooms range wildly from $600 to $1600 per month. Another challenge facing employees is a lack of growth potential coupled with a marked absence of performance improvement; performance reviews; and opportunity to practice higher-management skills. Entry level managers generally stay entry-level; and so goes the same for all levels. I've talked to many people after they've given notice to term employment (dozens) who have all cited pay and lack of growth potential as reasons for leaving. Many of those same people also cite poor management - both in company direction (i.e. strategy, use of funds, goals) and in team and people management.