Pros
Benefits and perks are standard but decent; they recently improved their maternity and paternity leave offering. The option to telecommute (at least occasionally) is available for most jobs. In the right roles there are abundant opportunities to travel domestically and internationally. Since Adam Silver took over as Commissioner, there is an emphasis on transparency between management and employees. He is also very focused on improving the culture of the company. They now offer a 1-month sabbatical if you work there for 10 years or more. (And there are many, MANY employees who have been there for more than 10 or 20 years.)
Cons
Your happiness and your ability to succeed at the NBA is 100% dependent on whom your boss is. Promotions are a joke and are not at all related to your ability to perform. I've seen overachievers who give it there all who are never acknowledged, while incompetent slackers (with multiple HR complaints against them) are promoted year after year. Your ability to telecommute, use vacation days, or work modified hours (say, come into the office at 10 a.m. since you were up all night on a call with China) is supposed to be a company policy, but again is entirely dependent on who your boss is. Despite Adam's efforts to empower employees at all levels, key decisions are made by a small group of king-makers in NY (God help you if you're in a regional office). The company is very bureaucratic and any efforts to make changes or innovations will be blocked at every step. I highly recommend if you get a job here to only stay for 2-3 years.