Pros
One word comes to mind - impact. Goldman Sachs is a company that prides itself on being lean, yet outperforming the market. Teams are typically smaller in size than at other firms which implies huge responsibility and opportunity for impact for every member of the team. This is also an opportunity for your work to be recognized and for you to be appropriately compensated for it. Over my three years at Goldman, I was thankful for the flat organizational structure - I felt like I had access to very senior management and that they respected my opinion and my work. Rubbing shoulders and receiving feedback from them gave me the chance to learn and grow a lot in a limited period of time. In terms of professional satisfaction, career growth and compensation, there are very few firms that match what Goldman has to offer.
Cons
The responsibility each team member faces has its downsides as well in terms of work/life balance. The smaller teams implies that you would typically be handling a larger workload than at other firms and consequently be working longer hours. Additionally, Goldman senior management can sometimes run their divisions like fiefdoms - the company is not as horizontally integrated as some of the other firms may be. Finally, the tools and technologies that Goldman uses are not always the best in class - this follows from it's philosophy of being lean and doing things yourself. This could mean more effort to get certain tasks completed than at other firms.