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I worked at MySpace (More than a year)
As a mid level employee there was lots of opportunity to move up and it was more fun than previous jobs I've had. Even when the company was having trouble, people were very kind to newcomers. The troubles with the company leveled the playing field and allowed people like me to have more input.
The company's uncertain future made the place very political. But when you were a lower level employee, those politics didn't bother you very much, as long as you did your work, enjoyed the benefits, and stayed out of it.
Advice to Management
Stay transparent with your employees. If times are tough, then the more we know about it, the more we're in it with you. Limits politics and realize that sometimes troublesome employees simply have a difference of opinion and are worth hearing out.