Pros
Good pay. Lots of good people.
Cons
The review process is not objective, there is no way you can defend your performance because it is not based on objective, measurable,pass/fail criteria. In other places I've worked at, you set measurable objective goals at the beginning of the period. At the end of the period you can say with confidence you met or not met your goals or perhaps exceeded your goals, and you are evaluated accordingly. It makes sense! At PayPal you get "compared" to other employees in your organization. And when you ask your manager to explain why you got the rating you got, it is never an objective, measurable, pass/fail goals. It is a well known "secret" that managers are forced to evaluate their team based on a bell curve, so even if you have a lot of superstars on your team, the manager is going to have to single one or a couple out to be given a "sub par" evaluation. Some of the people that do not deliver anything, or that have their projects get promoted. While others that do deliver a working project, on time, get fired... go figure.