Pros
Fun, pro employee office to work in. Free coffee (duh!) and lots of activities to get involved with. Pretty good information sharing including quarterly town hall meetings with CEO.
Cons
Pay hasn't kept up with market. Company seeks to be in 50th percentile, so harder to recruit top candidates. Hiring process is VERY slow, but better candidates seem to get chosen with fewer bad hires. 401(k) match is now discretionary, not fixed. Stock purchase discount dropped from15% to 5%. No stock option at time of hire, but yearly in November (about 14% of value of your annual wages). Not enough to make you wealthy, but has some upside potential. Two rounds of layoffs (2008 and 2009) have made for poorer morale. Some benefit cuts make Starbucks less of an attractive office than it once was, but still a far more employee friendly company than most.