Pros

Health & vacation benefits are good.
Ability to work from home for certain jobs.
Some office locations are in nice locations but by no means all of them are.

Cons

This will be a very long description, won't it?

For years now, we've seen pay freezes or very minimal pay increases. What we do get doesn't match cost of living increases, and things have just deteriorated since the recession began.

Local management appears to treat employees with contempt, and seem to believe a blunt approach works best. There's a very military-like command structure, from top to bottom.

Job security is not the best: there's been a great deal of offshoring going on (to India and the Philippines, mostly), and layoffs have been accelerating, particularly in the IT sector of the company & sales, but now spreading to editorial.

For those who do remain, they can expect more and more work to be piled on top of them all the time. Any attempt to "push back" at this unrealistic work load is not smiled upon.

Reorganizations are commonplace, and, honestly, I can't even recall what the current upper management structure, below the CEO, happens to be right now. As it will probably be changing again soon, it probably doesn't matter. Expect new slogans and more convoluted business plans, that make no sense to anyone but those who are formulating them. Try to feign enthusiasm.

Distant management (i.e., in the very upper echelons of the company) are completely distanced from the lowest level employees. This is the classic "big corporate" structure for a multinational company, but just a bit worse somehow. You just have to be there to understand.

Thinking of climbing the corporate ladder so you can be part of that "distant management"? Don't.
I could count on one hand the number of such promotions, even into the modest ranks of middle management, in recent years, and I am familiar with more than just one location in the U.S. Expect to be frustrated if you expect much career advancement. Do expect a great deal of arrogance and sense of entitlement from those who are in higher positions, however.

All in all, I wouldn't recommend working here to anyone on the outside, unless they were in completely dire straits and desperately needed some, any kind of employment. I just hope that the currently awful state of the world economy improves so I can just pack up and go to someplace that will hopefully be better.

Advice to Senior Management

I have no advice for you, because you probably wouldn't take what I'm saying seriously. I hope to be getting far away from your world soon.