Pros
Great opportunities for recently-graduated uni students, who are struggling to get their "foot in the door". The social atmosphere was nice with end-of-week drinks, social sport during the week, and the "mystery dinner" trips were always a blast (think charted helicopter flights to vineyards, etc). Some of the people there are lovely to work with and to learn from. Good location to get to/from by public transport. I hear that the new office they've moved into has an in-house gym.
Cons
The pay is uncompetitive. There's little incentive to grow as a developer, and many of the good developers leave once they realise how much they're being ripped off, taking their skillset with them. A lot of the development processes and practices are archaic, and the sales teams would regularly over-promise to gain a client's signature without consulting the devs, leaving the dev teams scrambling to meet unrealistic deadlines, with never any time to refactor what was often unmaintainable spaghetti code. A lot of the problems, I think, come from the top down. Senior management sometimes micromanaged projects or ignored the advice of team leads (two of whom eventually left largely out of frustration), or were unwilling to consider alternative development processes lest they cost anything in the short term, or unsettle the status quo. While some employees were delightful to work with, others were moved up the chain not due to their abilities to fulfill the role, but simply because they eventually worked there for long enough. I would love to hear that things have changed for the better, however speaking with former colleagues recently I highly doubt that any time soon.