Pros

The customers are wonderful. Although most of the people you talk to are "just looking", many of them will stop and engage in a conversation with you while you're promoting the merchandise. It both helps pass the time as well as make the work interesting.
The discounts are great. You get 20% off all merchandise, even if there's a sale going on. The only downside is you have to use the host store's card when making purchases. You are also able to buy items on accommodation (or rather, cost to the company plus a little sumpin-sumpin for them).
You get to stare at pretty jewelry all day.

Cons

The manager I was hired under was terminated shortly after I joined. This made things both hectic and confusing (we still don't have a new manager). The senior management above them are somewhat clueless. All schedules must be approved by Corporate, and they dole out the hours for each store. This means that you sometimes don't get your schedule until the last minute. I was hired as full time and told I could expect to usually work 40 hours a week, but I average only 32. You're only guaranteed 40 hours a week if you're one of their number one sellers.
The coworkers I have are a mix of nice and ruthless vultures. A couple of them are nice and I am pleased to see that I am scheduled with them. However, other employees are nothing more than sharks that wait until your back is turned on a customer, swim in for the sale, then turn on you and bite your hand off if you so much as accidentally do something even remotely similar to them. They connive with customers and will get them to come in to give you all the crap and pick the item out with you, then come back later when so-and-so is working to give them the sale. I'm not sure how it is at other locations, but that's the issue here. Supposedly if you have a problem with a fellow coworker you can discuss it with your manager or higher-ups, but this benefit is moot should this employee be one of the top-sellers (95% chance they are due to the fact that they are the aforementioned sharks). Also helps to STILL HAVE A MANAGER.
The benefits are okay, but you won't get them until you've worked for 6 months.
The hours are NOT flexible. If you don't give 3 weeks notice and half of your soul, God forbid you try to take off. The only hope you have is that you can maybe swap with someone else, but that depends on the person you ask. They scheduled me to work a midnight shift, then wanted me to come in at 7am the next day. I was told when hired that this would never be the case and if I did work a midnight shift I would be given a later shift in the day. When I brought this up with them, they 'graciously' gave me until 9 to come in. You are given a list of days you are absolutely required to work, and what's worse is you are forced to sign it. You can't take off these days no matter what. Sick? Carry a puke-pail to work. Family emergency? You can see them when your shift is over. Dead? They'll reanimate your corpse.
Our store is severely understaffed, meaning that often times only one person is opening/closing. If this be the case don't expect to go home until at least an hour after your shift ends.

They expect you to live to work. There is no other way. If you're not 100% for the company, you must be insane. If you're an individual and not part of the clique of employees, you are then treated like the outcast of society. New employees are clueless bucket-heads irregardless of their past work experience. Only been here a short time and already searching for a new job.

Bear in mind that I report the worst aspects of the job. Ask an employee on duty what they think and you'll get only the positives. Inquire about a job and you'll get only the positives. Me? I'm upset, so I give the negatives.

Advice to Senior Management

Hire more people and provide flexibility to your employees!
Get rid of that horrid personal goal system! I understand it's there because in theory it promotes hard workers and generate sales, but in reality it only breeds hostility and deceitfulness. Attitudes regarding sales/returns between employees and even stores is just a disgrace. This shameful behavior is more often than not transferred to the customers.
Focus on your employees as if they were more than meatbags generated by female-units to accrue money for the company. Your methods of selling and promoting jewelry is so rigid and fake that customers can easily tell when I'm using one of the 3 approved greetings. It's as if you expect all customers to be exactly the same.