Pros
So far I am incredibly impressed with Netflix. This is by far the highest concentration of smart people I have ever seen at one company and I have worked in Silicon Valley for over 20 years at large and small companies. In addition, not only are they smart but also very helpful and ego free. I read the culture slide deck before I started but wondered if they actually "walked the walk". I've found the answer to that question to be "absolutely". If you are not a really smart, driven person who can operate completely independently and with little direction from management, then you will not be happy or successful at Netflix. There is no hand holding, and expectations are high. But if you are the kind of person that craves lots of freedom and responsibility than you will love it. In the period of time I've been here, I have personally seen several people get promoted from engineers to managers and from managers to directors. There is a lot of career growth as the company is growing like gangbusters right now and if you are great you will love it and thrive.
Cons
If you are looking for safety and worried that you won't get another job somewhere else, Netflix is not the place for you. Basically, Netflix operates like a Startup company. There is no hand holding, you have to make lots of important decisions on your own, you have to be proactive about seeking out help and information, and the culture is fast paced and filled with lots of people who would be the smartest guys in the room at other companies. At Netflix the whole room is filled with those guys. If that intimidates you or scares you, thats a sign its not a good fit for you. If that lights you up and excites you, then you will love working at Netflix.