Pros
Great mission and many good people who are trying to help the organization return to its glory days (or get back on track). Salaries are fair at least for managers in a large nonprofit. Good benefits include solid health and 401K programs. A useful place for entry level people or transitioning workers to get solid experience and launch or relaunch their careers.
Cons
A divisive fearful culture where the right things are said about mission, teamwork and valuing employees, but where the divisiveness and lack of honest communication and follow through by management make for many dashed initiatives and unhappy employees. Cross functional teams are in name only; resources both people and projects are wasted; hardest working groups, especially editorial teams, are not given enough time or salary to do their jobs, and so quality and output is slipping. Too many good people have left or are in the process and everyone, more or less, knows it.