Pros
RL is the best place I've ever worked. Not only are the benefits amazing and the employee perks enviable, the management really cares about their employees. The organization celebrates diversity, charity, and new ideas. I couldn't recommend it more.
Cons
It is very competitive because it's a great place to work and because of the "glamour" of the brand. I had to get in through a third party contracting agency, because the seven or so applications I submitted led to nothing, so it can take a lot of work to get your foot in the door. Worth it, though. Also, during peak season (Christmas), you WILL work seven days a week. But it shouldn't be a surprise to anyone who knows retail, and management is right there in the trenches with you, so nobody is asking you to do anything they aren't doing themselves.