Pros
The company pretends like they pay their employees, and the employees pretend to work... A great place for mediocrity, but then again, quality of life may be great particularly if you have another income source. It's a great company for females and GLBT, alternative lifestyles are not only accepted but favored.
Cons
Extremely poor senior management, lack of vision, incapable of making hard decisions in a timely fashion, weak board of directors. Lack of courage and a mission to sell the company to the highest bidder, if you end up in senior management and have stake this can be a great company as the rewards will compensate for the shame of working amongst a very mediocre senior management team. The operations and analytics groups remain quite strong, however, marketing and sales talent (previously quite strong) are mostly gone (great people now in other industries or other airlines). The accounting, planning and finance teams are absolutely incompetent. Benefits have been cut due to Chapter 11 filing, bonuses are inexistent, lots of turnover predicted as a result of the imminent takeover by US Airways. If you want to take a big risk and believe there is upside you might want to take it with a startup airline, or in another industry. This used to be one of the most innovative airlines in the world, but senior management got stuck in their arrogance and incompetence. Most of the talent is gone