Pros
My favorite aspect of PwC is the people that I have met. I moved to NYC for the job and knew no one in town, however there were many other people in similar situations right out of college and we have bonded and become very close friends. PwC is a great place to start your career out of college because you can gain a basic business foundation while learning industry and client specific knowledge on your engagements. If you decide this is the place to be, there are certainly many opportunities for career advancement within the Firm. However, if you decide you want to leave, many employers view 1 years experience in public as the equivalent to 3 in private so you leave with a wealth of experience. The name alone is highly regarded in the business community so it certainly helps on your resume as well. I highly recommend the internship program if you are still in college because this is the best way to get your foot in the door with the Firm. This will also give you an idea of what it is like to work for the Firm. However, the truth is that they are trying to recruit you, so the best aspects of PwC will be highlighted and any negative aspects will be minimized. However, there is a lot to be said for having a job offer when you return to college for your senior year and everyone else is scrambling to interview.
Cons
The compensation isn't awful, but its also not awesome. As long as you don't live an extravagant lifestyle, you'll have no problem paying the rent and having enough spare change to still have fun. However, you will be expected to do a lot of work relative to the pay. During busy season you will also be expected to work very long hours (70 hour weeks would not be uncommon during assurance busy season). The experience that you gain though will equate to higher pay in the private sector if you decide to leave.