Pros
Super smart people. Awesome benefits. Great culture. Massive resources and infrastructure. Having worked at Microsoft and other tech companies, I can say this is the best place I've worked at ever. The relative lack of red tape and ability for small groups of people to make things happen without dealing with too many execs.
Cons
Hard to get management experience due to flat structure and now slower company growth. Highest opportunities require you to be down in Mountain View. Title deflation is also an issue since a Product Manager at Google is probably equivalent to a Group Program Manager at Microsoft and a Senior Product Manager is as accomplished as a Director at Microsoft. Most people don't know that outside of Google so it may make the post-Google job harder to land.
