Pros
There's a casual dress code and depending on the employees you're surrounded by, some co-workers are great. A lot of talent at the production line and a few good managers (pre-latest transition). If you love socializing and drinking with HR and the bosses, you'll probably get bounced up to a position you're not qualified for really fast!
Cons
Restructure after restructure has decimated any glimmer of hope that this company will evolve into anything it plans to; their latest restructure made it clear all they care about is their management staff, leaving out 80% of their workforce from the first organizational chart (which has still yet to be updated). There are too many managers and too many false promises about training and career development. It used to be if you found the right manager (as there were a few) it was a good place to work and you might be compensated for your work, but now there are "merit" raises which work on a percentage system that make sure the people already making a higher level of income make more and those not, make less. The only way to get a realistic raise, if you don't negotiate hard for your original salary, is to move to a different position. This ruins any retention possibilities for positions that are really need experienced people. The absolute apparent abuse of the support staff is criminally negligent and encouraged by all the management. The buzzwords batted during useless metric meetings (metrics gained from reports using a system that is buggy, faulty, and reliant on human error from an inefficient time keeping system) are cliche and travel down the line in lieu of real answers. HR has had several problems with unethical hiring practices within and without the company, as well as a severe mishandling of sexual harassment complaints, to the point where employees do not feel comfortable reporting the kind of shameless behavior that goes on with some of the employees. The talk about process documents is a joke, none are followed consistently in even the same departments, and most of the people in charge of managing them don't understand how the system they're in works. Real, practical, suggestions are always met with a nod and a "we'll talk about it" and then ignored, leaving no faith in improvement. Meetings and patting each other on the back about paltry employee unity gestures are all this company cares about lately.