Internal hiring process makes Stalin look reasonable.
Pros
If you're looking to get hired easily and put a big company on your resume, look no further. They will pay for your school and even some professional certifications, no tenure required.
Cons
Don't expect much of any opportunity to handle larger responsibilities on a relatively short-term basis. In most places being able to showcase your talent will open doors for you and improve your CV when you look at advancing your career, but with PayPal you'll just get discouraged when you're slapped in the face with the fact that you need to spend another year or two on the incremental raise treadmill before you're given consideration. If you're looking for a quick resume booster, it's great. If you're looking to build a career, look elsewhere. Pay is substandard for most fields not handling calls. If you have 5 years to give and aren't concerned about the low pay, it's great - you can have PayPal reimburse a good chunk of your schooling and maybe a professional certification or two, then get your sabbatical (4 weeks paid leave, granted every 5 years of service) and jump ship. By the time you've been here for 5 years you've got enough experience to easily make 50% higher salary elsewhere. The lack of competitive pay is something brought up regularly in internal surveys but management insists the comprehensive picture is better, as though they expect anyone to believe a month of paid leave makes up for salary $20k/year below competitors.
