Pros
Capital One is a brand that many future employers will recognize and carries some clout in this area. Contractors are well-compensated for work. Working from home and flexible scheduling allows for a nice work-life balance. Fast moving. Nice co-workers.
Cons
Contracting feels like being a stranger in a strange land. There is a certain hierarchy that is built into the way things are done there, and contractors are at the bottom of the rung. It is reinforced not only by differently colored badges (Yellow vs. Blue) and CONT after one's name on email and IM, but also by involvement and perks, such as not being able to use the gym, health center, or Career Development Center. Also contractors are excluded from other events with the exception of department potlucks. Space is at a premium at West Creek, so don't expect a cubicle or an office to work in. The PODS can be very noisy, thus headphones are a necessity. I have personally found that several managers dangle the conversion carrot to increase productivity from contractors only to renege at a later date. The decisions on who to make an associate are not always clear. Do not expect much in the way of training or assistance after the first week or so in the job. This is SPARTA. All that being said, a good manager can negate many of those issues. Managers who view contractors as team members rather than as resources make all the difference. Culturally, Capital One moves very fast. Reorgs and change management are very common. However, these decisions are not always well- considered or fully funded. Capital One loves processes and data, but doesn't always know what to do with it. Too many meetings, acronyms, and as other posters described, empty words.