Pros
Great co-workers! For the most part, everyone was smart, well-read and highly creative. Not uncommon for groups to socialize on the weekends -- book clubs, barhopping, etc. Interesting work w/ most bosses genuinely interested and invested in employees' professional development.
Cons
Average pay and long hours. Not much opportunity for advancement -- typical career track was staff writer to managing editor to the next job. On an up note that meant monthly going away parties that were a lot of fun.