Pros
Quick progression if you don't get on the wrong side of the directors. A good sense of community between staff. Generally people get on. Friday afternoons off. Internal freelance opportunities available. Occasionally the company will pay for events for staff. Staff generally enjoy their work.
Cons
Pay is terrible and you have to supplement your income with freelance in order to afford to live. No bonuses or other incentives for creating a good magazine for editorial staff. Events are sporadic and infrequent, so despite the claim that there is one staff event a month, sometimes there will be no event for several months. No proper training. Generally incompetent and untrained managers, with the rare exception. Directors are rude, offensive and manipulative. Teams are small, and if a team member leaves, the company doesn't bother to hire someone to replace them. Directors make it very obvious that they have favourites, and these favourites usually get their way if they throw a tantrum. Directors generally don't trust the staff they employ. Working hours are not flexible, you do not have the choice of working from home, you must go for lunch at a specific time, and god forbid you take a sick day! Directors also don't trust their staff to know the magazines they work on. Often they disregard and undermine their editors' knowledge and force their own opinions on the magazine.