Pros

great benefits
amazing people to work with
wonderful work environment
amazing food!
innovative work environment

Cons

Sometimes decisions are made top down with little to no involvement from middle management.
Although they have peer recognition programs in place I don't think management does enough to recognize the efforts of their employees -- especially their managers.
The extensive collaboration can at times drag projects out because everyone has to be involved and have their say in the project.
As a larger company now -- Google seems to be far more process and structure driven -- partly out of necessity -- but it has changed the overall attitude and work environment.

Advice to Senior Management

Recognize the efforts of your managers and involve manager in the decisions especially when it comes to initiatives that impact the people they manage.