Pros
The pay is good, the benefits are good, the office environment is nice, the people are friendly. Basically, everything about working at AOL other than the job itself is really good. If you're someone who is looking for a stable, unchallenging job that gives you plenty of time to care for family and friends, this would be a really positive environment.
Cons
Management is imperial, distant, and disconnected from employees. The company is deeply political, with heavy infighting, and nothing is done for the reasons people claim. My first year at the company, I was transferred twice, and my groups were internally re-organized an additional four times. There was no opportunity for advancement, no feedback, and no open discussion with management.