Pros
There are few better companies to have on your resumé. Apple is an innovative leader in the consumer products field, and recognized around the world as having some of the best engineering, marketing, and final products in the industry. Few engineers in Cupertino have to work on infrastructure, as most IT development work is outsourced to overseas contractors. While the cafeteria doesn't compare to Google's, it's not bad at all, and is improving lately. If you're in the eight or so buildings (of 30+) that are near it, it's a nice choice.
Cons
Management burns through employees with no regard to their long-term value—many management decisions seem to be based upon how long the employees involved will put up with the demands placed on them. Depending on your exact job and how little time is left in the product cycle, vacation time and even weekends are privileges that you may not be given the opportunity to afford. If WWDC is rescheduled at the last minute, for example, hundreds of engineers will be asked to change their vacations, even if they've already made plans (and paid for tickets). At the end of a cycle, a $20 bottle of wine or a $50 iPod shuffle reflect the gratitude you'll receive, and the value of your work to your management. It is against Apple policy for your name to be recognized externally; only Steve Jobs' name, or the names of those he picks to introduce them, can be associated with a product release. At least one division was giving less than 3% in average yearly salary increases to critical senior engineers, while the company's profits soared. And if you're a manager, it's not discouraged for you to go several years without accepting a raise, just so you can use the budget savings for your staff's salaries. It's a well-known secret that the best way to get a large raise and promotion at Apple is to leave and be hired back a few years later into the new position.