Pros
At times, this was a fun, pleasant, energetic place to work, and I was happy to be part of the team. Benefits were good, there was flexibility, and everyone was given fairly free rein to do their best work. Especially if you are on a team that is part one of the "good" properties, the ones Tim Armstrong mentions at the big meetings, you will feel positive about being at AOL. And during the periods when they were relaxed about telecommuting, that was a great benefit.
Cons
The culture of frequent stealth layoffs is a terrible waste of talent that saps the otherwise good morale (and I felt that way long before I got pink-slipped). I saw far too many instances of management cutting strong performers in order "reallocate their positions," and then watched those spots be filled by people whose talents mirrored the folks who'd been laid off. What I rarely saw was anyone simply offered a chance switch to one those new jobs. Terrible waste of institutional memory, too. Beyond that, they work people HARD. Long days, and managers answering emails at 2 a.m. were common.