Pros
Crazy smart, motivated people who enjoy their jobs and this industry. The category we're attempting to win is huge and developing, and we're up against worthy opponents, which makes the job and the enterprise exciting and relevant. And the senior management are solid - it's nice when the ship you are on is in the hands of capable commanders. I feel like they are handling the downturn as well as anyone and better than most, being the benificieries of long tenure in this industry and the ability to spot where things are going and make the right decisions early and proactively (specifically in terms of layoffs). They aren't afraid to make difficult decisions, and that makes us, the rank-and-file, trust their leadership.
Cons
Economic downturn means that ad-spend is down accross all categories, and since ours is a media business model, we pretty much live and die on ad budgets. In a sense this makes the whole thing more interesting, since it raisese the stakes considerably, but it's spooky. The other part is that we are being forced to do more with less - again, exciting and challenging, but also chaotic and harder to control. Also, raises are not forthcoming, and benefits have been stripped a little.