Vantaggi
It is truly a world-class platform. My group was far and away the leading group in our field and so it was extremely rare that a deal would happen that we didn't know about or get invited to participate in. There's still BS pitching involved, but not nearly as much as at other banks. The only other group that even comes close is GS.
Svantaggi
The marketing, recruiting, etc would all tell you that its much more of a meritocracy than our competitors. But the reality is that its a pretty political place, and dead wood and blowhards tend to find shelter for long periods of time (even in this market). In the Menlo tech office, there's a little known secret: as an associate you have to do 3 years before getting the chance to get promoted to VP. It's not Morgan Stanley practice. It's not even MS Tech (NYC doesn't do it). It's just the Menlo office. Although they sell it as being 'for your benefit' in terms of training and development, the reality is that it's to their benefit. Once you've passed the two year mark (when all your friends are either gone or will be promoted), you're stuck. You either work your guts out to guarantee you get promoted, or you're screwed because everyone else out there knows you should have been promoted.