Pros

Good reputation, fast pace, free lunch, snacks, games on site, nice people (for the most part), somewhat flexible environment for work/life balance.

Cons

No career development, no pats on the back for a job well done, you're just hassled when things aren't going 100% as planned (think "office space"). Some of the worst managers I've ever had in my life - funny since the CEO says they have a 'No a-holes' policy. Lots of throwing under the bus at this company in general. No real leadership by management which leads to decreased productivity by employees in addition to things just not getting done or being done poorly. Management doesn't listen to employees nor do they treat people equally (lots of favorites played here). These reasons are why there has been an exodus from the marketing team in 09 when there was virtually none in years prior.

Advice to Senior Management

Listen to your employees - you hired them for a reason so you should at least consider what they have to say. It shouldn't be your way or the highway.
Re-think some of your processes - speed wins often undoes itself
Be more personable
Re-think your 'no a-holes' policy - either get rid of it or get rid of the a-holes- you know who they are. Lots of managers do NOTHING all day while employees work their bums off