Pros
Fun, exciting work environment (Ubisoft Montreal), contributing to some of the world's best-selling video games. Interact with members of all different teams within a given production, so you learn a bit about all different aspects of game development. Work with translations in up to 20+ languages per project (really fun for language nerds). The localization team is friendly and close-knit.
Cons
Deadline pressure can be very intense right before a game ships-- expect very busy days and significant amounts of overtime for one or two periods a year of 2-3 weeks or more. It's worse for localization because we always had to wait for all the other teams to make their last-minute changes and then handle the translations at the last _second_. A number of female colleagues have told me that there can be noticeable sexism within Ubisoft as a whole (about 17% women employees), although I don't think it is a problem within the localization department (when I was there it was led by women and composed of almost 50% women). As I understand it, the problem is more with certain managers etc. Worth looking into this further if you want to work at Ubisoft (or in video games in general).