Pros
Ernst & Young provided me my first job after graduating college. Compensation aside, it was a very nice place to work. Co-workers were very professional and Managment was very respectful. It was a nice place to learn standard business tools such as Business Objects/Essbase/etc. While I was there there were several "Boomerangs" that had started there, went somewhere else to gain more experience/compensation, and then returned to E&Y so that they could work somewhere that they liked for the compensation that they desired.
Cons
There were very few negatives in my experience. The senior manager above me was somewhat ineffective and not overly bright (I found out that he was terminated some time after I left) but he was very respectful, constantly tried to come up with initiatives and appreciated good work.