Pros
Great work life balance, the management are very understanding and there are lots of opportunities to move around the firm with its many and varied divisions. PayPal, Skype, Ebay, Stubhub etc. Pretty secure job, even though we went through a recent round of layoffs (great package given). Good perks and benefits. Good compensation.
Cons
I joined the company some 18 months ago, so as a relative newcomer, my experience so far has been that PayPal is one of those companies that may have been great at one point but as soon as the initial group of people left and eBay took over things are not the same. A lot of red-tape and compliance is expected in any financial firm, so nothing new there. The senior management even though pay a lot of lip-service to innovation and risk-taking is satisfied with doing the same old thing and playing the safe game. Being a 10 year company Software aging is a major issues for them currently. If you want a 9-5 stable job you might be on the right track, if you want to do some unique and innovative and make a difference to a lot of people in a relatively short time, keep looking.