Pros

If you like your division, it could be great. It's all about your direct manager -- and staying away from the firing line.

Cons

Constant layoffs. Different direction every week.
There is also no way to move between divisions. Where you're hired is where you'll die. There's a union, but it's very weak (both in leadership and power) -- might not be such a terrible thing, but don't expect them to defend you.
The company seems to be leaning toward firing staffers and just having people write and edit freelance.
But biggest problem: Time Inc is a magazine company that wants to pretend its a content company. As a result it's doing neither magazines nor websites well.

Advice to Senior Management

Pick a strategy and stick with it. Go down many levels and get ideas from some of the lower rungs.