Pros
Reply is a great place to work - they put on lots of events for their employees and provide ample learning opportunities and are encouraged to learn and forge your own path. Also the environment of lots of small companies working together can be quite exciting and there are lots of opportunities to exploit this. It is "real consulting" with an emphasis on doing good things for the customer, rather than selling hot air.
Cons
All the decisions get made in Italy - with no regard for local markets or solutions, or any explanation for decisions. Also, nepotism is abundant throughout - the sons/daughters/cousins/partners/friends of the Italian management team will always be promoted very very quickly, leading to incompetent people being in positions of authority and leading to very questionable "Italy centric" decisions. In Italy Reply is a fairly famous and recognised brand, however, in the UK it is not and that realisation still hasn't kicked in.