Pros
All the non-work parts of "working" at Nike are great! Flexible hours, beautiful campus, great workout facilities, lots of opportunity for social interaction (e.g. happy hours, sports teams, on-campus events, volunteer days). Most of the people that work there are passionate and competent.
Cons
Management is pathetic. When I was promoted to a management role (without any consideration for my people management skills), I received zero training and support from HR or my own supervisor. I was allowed/forced to wallow and fail. I think I could be a better manager with more focused and dedicated development and support. My experience must be typical because every manager I had at Nike (6 in 6 years) was a horrible and incompetent leader. However, the blame is with HR and the corporate leadership to allow lousy managers to be retained and even promoted.