Pros
The vast majority of co-workers are fun and intelligent. If you want to move up, there are opportunities for the motivated. Overall, the work environment is relaxed, though as each year passes the environment becomes more corporate and bureaucratic. For some departments there is flex-time and work-at-home policies, which are very nice for facilitating life outside of work. Lower management is generally very supportive of employees. Lots of challenging, interesting problems to be solved. There are some large-scale initiatives/projects that could make the company thrive. Company is known and well regarded in its industry.
Cons
Executive/senior management is mediocre to poor. Communication from senior management is negligible. It's as if they live in a bubble. Departments get mired in politics with other departments: the resulting face-offs cripple positive movement on projects. Owned by a private equity firm that will eventually dump the company for the almighty dollar. Below average salaries and annual whittling away of bennies. Overall company morale is to the low side. With the advent and growth of the internet (and lots of free, decent information) combined with the current economy, the future of this industry is an unknown, though they, and others like them, seem to hang on year after year. They clearly are in an industry transformation and/or transition and need to figure out how to capitalize on it.