Pros
The opportunity to change the world. Every job position has a very strong impact, especially in the emerging Google divisions. For example, Google Enterprise and Google Earth sales groups. Free food. Very open minded and diverse group of people. No one I met at Google is intellectually incompetent. You can bring dogs to work. The people are friendly and overall there is strong sense of belonging to a group of the elite that have the opportunity to change the world. The on site gym, cafes, are nice. Opportunities to see visiting authors and presidential candidates are amazing. You are in the presence of great people who will change/are changing the world.
Cons
For entrepreneurial people that want to start their own company, working at Google can become very comfortable and you enjoy a lot of the learning you would as if you were in a tech startup, thus prompting you to stay as an "employee" instead of business owner.