Pros
The pay is good throughout big 4, but Deloitte is a little better than others. If you join then you will have good support for qualifications and study. Promotions, or at least those given at lower level, are fair and performance/competence based. There are some very intelligent people you will work with, and there are good managers. The work can be engaging, but see below for the other side of the coin. You will receive a generous 25 days holiday a year plus 5 optional days you can purchase. You will also get 1 extra day off as a partner day. There seems to be more flexible working hours being brought in, and you can take days off without too much administration and advance booking to deal with.
Cons
It can be a quite easy to slip into your comfort zone, and not develop significantly if you do not direct yourself the right way. Senior management are not good at encouraging or mentoring, since they are too busy sniping amongst each other, and actual responsibility is low when in junior positions. The work performed can get very mundane quickly, and there is a lot of administration taking time away from more interesting projects. The workload is high and there is a growing gap between management and lower levels and this makes the workload on junior staff very high, and long hours are needed if you want to stay on top of your work.