Pros
Prestige brand. Not many companies can claim to have been one of the two best companies at what it does for over 240 years. Great working environment and great people in general. Good work/life balance, especially considering the norm in New York. Opportunities to see incredible art (although, anyone can come to the viewings).
Cons
It is a top heavy and fragmented company -- because of this, decision-making is excruciatingly slow and advancement opportunities are very rare. In recent years, senior management has become increasingly less transparent. Because of the prestige brand, salaries are EXTREMELY low. The company had to create a new category of "staff" because more than the legal maximum number of unpaid interns allowed were used at the company. Even for full time staff, annual salary increases that are supposedly performance based (I've been rated highly every year) barely keep up with inflation, so, the longer you stay, the more your quality of life will suffer -- salary adjustments are extremely rare. These combine to create high turnover and lack of job satisfaction.