Pros
Fortunately there are still a lot of great people hanging on, but that's not going to last too much longer with the way things are going. Okay health insurance and good time-off allowance (if you're not too overworked to use it). Some managers allow flexible schedules. A few departments are treated very well with free lunches, offsite activities, beer, and interesting travel opportunities.
Cons
Salaries in most areas were always very low, and with a decade of minuscule raises they have remained depressingly stagnant. No salary adjustments made for inflation. Company is very management-heavy, and despite frequent reorgs, many bad managers remain (many of whom should have never advanced to their positions in the first place). No room for advancement. As positions close, more and more work gets piled on to remaining employees, who are already underpaid and stretched too thin. With such pathetic compensation, many find it hard to stay motivated when there's no reward. Even small perks that went a long way towards improving morale, like working from home a day a week, were taken away from many without reason. Content work is outsourced overseas and the quality has been adversely affected. Low morale all over.