Pros
Build relationships with coworkers and regular customers. Good teamwork and socialization opportunities. Fast-paced environment gets you exercise and makes shifts go by faster. Food and drink are free or discounted while on the clock.
Cons
Managers are incompetent and always gave us conflicting rules so that no matter what we did, we'd be in trouble. We were almost always behind schedule due to THEIR poor time management, and we were the ones punished for it because they'd force us to stay past clock-out time to help stock. Hard work goes underappreciated, and the slackers get away with not pulling their weight. They give insultingly bad hours to students. Lots of unpleasant tension and racial microaggressions happening towards non-white employees. Some customers are horribly rude for no reason (you'll get that anywhere in fast food, though).