Pros
I've had a great experience so far, especially after coming from another company where it was all about politics and not about delivering results. My Netflix experience so far is that if you're smart and get stuff done, you will be appreciated and rewarded. If you're looking for hand-holding, this is not the place for you. But if you're entrepreneurial, self-motivated and like challenging the status quo, then Netflix is a great place to work.
Cons
None so far other than the commute. The lunches get a bit repetitive, but who's complaining when they bring it in for free? OK, I suppose it would be nice if they didn't always have meetings during the lunch hour, but that's about the biggest complaint I have - and I don't even really mind.