Pros
Respawn has some seriously talented veterans at the middle of both their development teams. Each team demonstrates a completely different personality so choose the team wisely if you get the chance. Easy working environment as long as you get the task completed, you can come and go as you please and start or end as you see fit. Incredible flexibility for Designers to add, change or delete features on a whim. This flexibility if used wisely is what allows great games to be made. If you're in a reactive department you'll pull your hair out as Designers have no filters or checks to their whims, fortunately the majority are well meaning and their track record stands. Almost unlimited spending on whatever you want. Just ask and it appears with very little in the way of justification or push back. Not as many people abuse this as you'd expect which is a good reflection of the people that work here. You get to make ambitious products, a rare luxury these days. Flat structure.
Cons
The original core of the company are cliquey and they protect their own interests and positions as you'd expect. It's best to just keep your head down and not make a noise as limited review will be taken against your concerns. Production skills on the old project teams are non existent (see clique above). Burnout is very real and usually lasts the entire second half of the project as Designers thrash and flip without being pushed to make a decision. This can have terrible effects on your time despite best efforts. The internal tool-chain is archaic and no time will be opened up for engineers to fix or replace what is sometimes a command line tool that's nearing a decade old. Royalties have always been based on a non existing formula so who you're friends with is seen as a significant contributor to what this number will be. Little career advancement is possible.