Pros
The flexibility that working at PwC allows it really a plus. And as a first year associate, it's tough to complain about time off. There are 11 paid holidays and combined with vacation time and the summer "Flex Friday" program, they have set up a great system. Although they have created a CPA bonus program that takes the place of the annual incentive provided (until either you pass the CPA or promote to senior - specifically for Tax), they provide other ways for managers and above to reward their staff for a job well done ("Spot Bonus" Program allows for monetary incentives throughout the year).
Cons
The biggest downside is that as a first year associate, there isn't much differentiation among those who are coasting along, doing what is expected, and those who are going above and beyond their peers.