Pros
Great travel benefits, when they can be used. A lot of good opportunities are given to people in the MBA Program and career advancement opportunities are OK considering that it's a shrinking, money-losing company (see below) but mostly because people leave. Junior and middle management are analytical and smart and for the most part know the industry, at least for the people who've been there for a while. People are down-to-earth, respectful and smart. Some politics, but not out-of-control for a company this size.
Cons
Below market pay. Above average risk of bad things happening (bankruptcy, buyout, etc.) No growth opportunities other than people leaving, which happens a lot and creates a lot of disruption. Inability of senior managment to really fix what's wrong with the company - poor labor relations, terrible IT department and systems, questionable marketing strategy (give away everything from corporate discounts to FF miles to upgrades just to keep people using your dirty, unfriendly airline). Any good idea to address big problems are generally prohibited by labor contracts. Any positive benefits would probably go to organized labor anyway, who hate management regardless of the fact that they're the highest paid labor groups in the industry and are basically killing the company.