Pros

Expedia moved into it's new corporate headquarters in downtown Bellevue. While it's more of a traditional office/cube environment, it has broken down some of the communication and collaboration barriers that it inherited from it's Microsoft space/culture.
In general, teams are very friendly and are very earnest in their attempts to grow out of their start up ways.

Cons

Sr. Managers don't often have a long term strategy and if they do, be prepared for change at the ninth hour. Be prepared to work long hours. For folks who've come from companies with an established Project/SDLC practice, be prepared to take a few steps back.
In general the organization is horrible at handling organizational change. Seems like a "morale event" is the only solution to problems the company is facing internally.

Advice to Senior Management

As you continue to re-org and layoff, get some really good HR coaching to help teams understand and plan for the impact of change. Much more can be said through "actions" vs your daily communications on being "transparent"