Pros

Yahoo has a huge strategic opportunity to exploit the search and display businesses. Anticipating that the DOJ could ultimately deny the deal with G, Yahoo has continued to invest in search and search monetization. We've made significant improvements in many areas - targeting, prediction, etc. Additionally, Google has not been effective in the display business, and Microsoft is still struggling to gain sufficient market share in either arena to compete effectively.
While there have been several serious setbacks of late (e.g. MSFT deal, G deal, Icahn, RIF, etc.), Yahoo still has a terrific stable of very high caliber, loyal talent. Leveraging our talent is the key to our eventual success.

Cons

Work-life balance.
Various levels of experience at the leadership level.
Extremely tough competition.

Advice to Senior Management

Buy AOL.
Partner with MSFT on search.
Focus on Display with the same level of commitment that G has to search.
Press-the-flesh with the rank-and-file as much as you possibly can.