Pros

The people, both internal and external to the company.

Cons

promotions/advancement are not based on competencies - based purely on who you know. Salaries/compensation are not uniform - again based on who you know or who you are related to. Many, possibly most middle managers (Directors & VPs) are very poor leaders: highly risk averse (aren't interested in any ideas that didn't come from above or can't be implemented in less than a month) and micro-managing (they tell you how to do your job, when they should focus mostly on what job to do). Musical chair city - there is no growth in positions in the company, so most open roles are filled friends and family, and the few promotions are extremely competitive and typically go to non-threatening employees with little vision but a high willingness to do exactly what they're told by micro-managing leaders.

Business decisions are made based on internal considerations (how many sales do we want? what does X high-level person think?) instead of external conditions (what is the market for this opportunity?) If you have an advanced business or technical degree, forget everything you've learned - you won't use it. Line groups have goals but rate people by personality rather than goal achievement; staff groups fight constant turf battles and churn pages of meaningless presentations. Manager level positions are highly tactical jobs that could easily and cheaply be filled by people straight out of undergrad. It's easy to get fooled because everyone seems nice. But don't believe it. You work here long enough, you learn to watch what they do, not what they say.

Advice to Senior Management

Stop building fiefdoms and focus on the customer - too many managers/directors are building empires instead doing their jobs. Many managers/directors are copying what other companies are doing instead of using the talent and vision of eBay employees.