Pros
There was a great purpose to the company. Enabling people to run their own non-traditional businesses was very fulfilling. Pierre's vision of building a marketplace where anybody could participate was incredibly motivating. Hearing him talk about his objective and how it came to pass really gave you a sense that you were working on something bigger than you were, and that it mattered.
Cons
People were seen as secondary to getting the work finished. While there was a push eventually to recognize the individual, it never seemed to permeate the culture. At times, it definitely felt like you were working to deadlines, rather than trying to achieve the best outcome. I think that you're now seeing the results of some of that, as eBay is being eclipsed by smaller, younger companies on the web.