Vantaggi
Very pretty office, plus all the nice IT company perks: fruit, Friday beers (well, once a month), pool table, etc. Good social scene: drink, parties etc. Opportunities to learn, especially for beginners. Deadlines nearly non-existent in some projects. Big bonuses and regular pay hikes, although the base salaries are pretty low. Very easy to get promoted (and demoted).
Svantaggi
Catty, stressful environment with a culture of blaming, finger-pointing and brown-nosing. Thriving there is more of a matter of marketing yourself than producing good code. Lots of stuck-up people, in some teams more than in others. Micromanagement endemic, again only in some teams. Some mediocre staff who have managed to build themselves a niche and seems to be there since about forever. Not fully agile: QA somewhat disconnected from the building process. Systematic character assassination of every developer who has left spontaneously. Frequent firings of people although, as far as I've witnessed, only as a last resort.